UPI Transactions Reach Record 1.62 Billion In August

New Delhi: The pandemic has given a boost to cashless transactions. Unified Payments Interface (UPI)-based payments using apps like Google Pay, Paytm, PhonePe, etc hit a record high of 1.62 billion transactions in August, more than 50 per cent rise over the same month last year, according to data released by National Payments Corp. of India (NPCI).

Value-wise, August transactions were worth ₹2.98 trillion. It was ₹2.90 trillion in July and ₹1.54 trillion in August 2019.

“UPI has been pivotal in pushing the boundaries of digital payment acceptance in India by penetrating the ground level users with safe P2P and P2M fund transfers,” NPCI said in a tweet on Tuesday.

The RBI has also said that the number of UPI transactions is 2.5 times higher than the number of debit card transactions in 2019-20.

Other digital payments such as Bharat Bill Payment System (BBPS) that is used to pay utility bills such as telephone, electricity, and others, rose to 21.21 million transactions worth ₹3,782 crore.

Also, FASTag transactions at tollways and some airport parking lots grew by 12 percent in August.