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UPI registered a record 6.57 billion (657 crore) transactions worth Rs 10.72 lakh crore in August 2022

The UPI facility was launched on April 11, 2016 by then Reserve Bank of India Governor Raghuram Rajan. Recently, the NPCI mandated that all UPI-based applications must obtain consumer prior approval before recording their location.

The Unified Payments Interface (UPI) saw a record 6.57 billion (657 crore) transactions worth Rs.10.72 billion in August, data from the National Payments Corporation of India (NPCI) showed on Thursday. UPI volume growth is nearly 100 percent (yoy) and transaction volumes are up 75 percent year-on-year in August.

“With the acceptance of card payments via UPI, transaction volumes will increase significantly and the average value per transaction will also increase. With this growth, NPCI systems have been robust and have delivered an uptime that is among the best in the payments industry. NPCI is on track to achieve its vision of 1 billion transactions per day,” said Rajesh Mirjankar, MD and CEO of Kiya.ai.

The country surpassed 6 billion transactions for the first time last month, logging 6.28 billion transactions worth 10.62 lakhcrore. Prime Minister Narendra Modi last month hailed UPI transactions hitting 6 billion in July – the highest since its inception six years ago.

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“This is an outstanding achievement. It shows the collective determination of the people of India to embrace new technology and make the economy cleaner. Digital payments have been particularly helpful during the COVID-19 pandemic,” Modi said in a tweet.

In FY22, UPI processed more than 46 billion transactions worth over Rs.84.17 trillion, surpassing the $1 trillion mark. UPI’s goal is to process 1 billion transactions per day over the next five years.

The UPI facility was launched on April 11, 2016 by then Reserve Bank of India Governor Raghuram Rajan. Recently, the NPCI mandated that all UPI-based applications must obtain consumer prior approval before recording their location.

Any time a customer grants permission to record their location, permission must be properly communicated to the UPI, otherwise the company will take strict action.

This rule must be followed by all members by December 1st and applies to domestic UPI transactions between individuals.

“UPI continues to penetrate the payments ecosystem, reflected in an increase in the number of UPI transactions by approximately 5 percent (mom) and an increase in the value of such transactions by approximately 1 percent (mom). Mass adoption of UPI is driving financial inclusion in terms of payments in India,” said Swapnil Bhaskar, Head of Strategy, Niyo, a millennial neobank.

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