UPI transactions reached a record 657 crore in August

UPI transactions: The UPI (Unified Payments Interface) network processed 657 billion transactions in August for a total value of around Rs 10.73 lakh crore as per  NPCI (National Payments Corporation of India) data. While the value of transactions increased by 0.95 percentage points from Rs 10.63 lakh crore in July, the volume of transactions increased by 4.5% month over month from 629 crore.

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UPI transactions: NPCI data

• In June 2022, the UPI network became the first to surpass the milestone of 600 crore transactions in a single month.
• AePS (Aadhaar-enabled Payment System) transactions, on the other hand, experienced a decline during the month.
• 6 crore of transactions were made using the AePS network in August, down from 11.0 crore in July and 12.1 crore in June. Additionally, throughout this time, the value of AePS transactions decreased 16.1%, reaching Rs 27,186 crore in August.
• In August, there were 84.6% more UPI transactions than the same month the previous fiscal year, and the total value of transactions increased by 67.9%.

UPI transactions: About UPI Network

• The UPI network has enabled 4,481 crore transactions of Rs 77.9 lakh crore so far this financial year.
• There were 3,026 crore transactions in 2002, amounting to roughly Rs 51.7 lakh crore.
• Comparatively, there were 4,597 billion UPI transactions in FY22, totaling Rs 84.2 lakh crore.

UPI transactions: Digital public good

• The RBI recently released a discussion paper in order to get input from the industry on whether fees should be applied to these transactions in order to support the UPI network and the payment instrument issuers. Despite this, payments through the UPI network continue to soar.
• The Finance Ministry then stressed, however, that the UPI network had been established for efficiency and convenience and was a “digital public utility,” adding that it has no plans to charge for UPI transactions.
• UPI will operate under a “zero-charge basis” beginning in January 2020.

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