India's Unified Payments Interface (UPI) has crossed the astonishing mark of 10 billion transactions in a single month. Yes, you read that right! It took more than seven years for this incredible instant payment system to reach this monumental milestone.
Driven by the government's initiatives to drive a cashless economy, the rise of smartphone usage and a growing number of digital-savvy customers, UPI transactions have continued to see record numbers in the past months.
As shown in the Techloy chart below, UPI recorded 10.24 billion transactions worth Rs 15.18 trillion ($185 billion) as of August 30, according to data issued by the National Payments Corporation of India (NPCI) surpassing July’s record of 9.96 billion transactions worth Rs 15.34 trillion ($184 billion). And with one more day left in August, both the number of transactions and their total value are expected to increase even more.