UPI transactions cross 3.5 billion in August

As lockdowns and different mobility restrictions were lifted, integer payments picked up again successful June and the months thereafter.

The measurement of transactions made done the Unified Payments Interface (UPI) transmission stood astatine 3.55 cardinal successful August, up from 3.24 cardinal successful the erstwhile month. The worth of transactions roseate to Rs 6.39 lakh crore from Rs 6.06 lakh crore successful July, the National Payments Corporation of India (NPCI) said connected Wednesday.

Transactions done UPI arsenic done different outgo channels had seen a marginal dip successful April and May, erstwhile the outbreak of the 2nd Covid question affected consumption. As lockdowns and different mobility restrictions were lifted, integer payments picked up again successful June and the months thereafter.

The marketplace stock of UPI has perpetually been expanding and stood astatine 80% implicit the archetypal 4 months of FY22, up from 73% successful FY21, according to a study by Motilal Oswal Financial Services.

Other outgo channels operated by the NPCI besides saw an uptick successful usage during August. The measurement of fiscal transactions via Aadhaar enabled Payments System (AePS) roseate to 108.48 cardinal from 88.84 cardinal successful July. The worth of these transactions roseate to Rs 27,354 crore from Rs 23,447 crore.

Immediate Payment Service (IMPS) clocked 378 cardinal transactions worthy Rs 3.18 lakh crore successful August, up from 350 cardinal transactions worthy Rs 3.09 lakh crore successful July. Transactions done Bharat Bill Payments System (BBPS) roseate to 59 cardinal from 51 cardinal successful the erstwhile month, and the worth of transactions accrued to Rs 10,307 crore from Rs 9,613 crore.

Toll payments made done FASTag accrued to 201 cardinal from 192 cardinal and their worth roseate to Rs 3,077 crore from Rs 2,976 crore successful July.