Data from NPCI shows that 10.5 billion transactions were recorded on the platform in August, up from 9.9 billion in July 2023. In terms of the value of funds settled, UPI recorded Rs 15.7 lakh crore in August, slightly higher than the Rs 15.3 lakh crore figure for July.
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The number of banks live on UPI currently stands at 473.
To put the growth of the platform in perspective, NPCI reported 6.5 billion transactions in August last year and 3.5 billion in August 2021. Within two years the payment method has grown almost three times.
Both merchant transactions and peer-to-peer transactions have grown on the network, indicating its large-scale adoption by consumers. The volumes are mainly driven by PhonePe, Google Pay and Paytm.
In July last year, PhonePe processed around 4.7 billion transactions, followed by Google Pay at 3.4 billion transactions.
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NPCI is gunning for a target of 30 billion transactions per month — or a billion transactions daily.
