UPI transactions crossed the 900 million mark in August

For the first time, transactions made through Unified Payments Interface (UPI) have crossed the threshold of 900 million, as per data released by National Payments Corporation of India for the month of August. This has been the product of an increase in merchant adoption of the payment channel and improved smartphone penetration in certain states. While Andhra Pradesh has led UPI transactions, Chhattisgarh has been the least open to its adoption.

As many as 918 million transactions worth Rs 1.54 lakh crore were processed on the interoperable digital payments channel. This resulted in an 11.6% surge in volumes and 5.5% in value from the month of July, when 822 million transactions worth Rs 1.46 lakh crore were made. The agency is hopeful that in the festive season, monthly UPI transactions could even cross 1 billion.