1589892172_FHqF6Z_UPI.jpg 
The value of UPI transactions during August this year was 6.57 billion (657 crore), up from 6.28 billion (628 crore) in the preceding month
Photo Credit :
Digital payment transactions value through UPI rose to Rs 10.73 lakh crore in August this year, up marginally from the previous month.
In July 2022, the UPI-based digital transaction value stood at Rs.10.63 lakh crore. The value of UPI transactions during August this year was 6.57 billion (657 crore), up from 6.28 billion (628 crore) in the preceding month, as per the data released by the National Payments Corporation of India (NPCI).
Lauding the feat, PM Modi tweeted, “This is an outstanding accomplishment. It indicates the collective resolve of the people of India to embrace new technologies and make the economy cleaner. Digital payments were particularly helpful during the COVID-19 pandemic.”
UPI was launched in 2016 by the RBI. In FY22, UPI has processed over 46 billion transactions totaling more than Rs 84.17 trillion (USD 1 trillion+). In FY21, it processed 22.28 billion transactions, amounting to Rs 41.03 trillion.
“UPI transactions reaching 657 crore transactions in August 2022 is evidence of the popularity of UPI and being a preferred mode of payments by increasing number of consumers. The growth in UPI volumes by almost 100 per cent YoY and amounts transacted growing by 75 per cent YoY is just the tip of the iceberg,” said Rajesh Mirjankar MD & CEO, Kiya.ai.
“In our opinion, UPI continues to penetrate further in the payment ecosystem as reflected by an increase in the number of UPI transactions by approx. 5 per cent MoM and value of such transactions increasing by approx. 1 per cent MoM. In other words, the mass adoption of UPI is driving financial inclusion with respect to payments in India,” said Swapnil Bhaskar, Head of Strategy, Niyo.