Unified Payments Interface (UPI) based payments hit a record high of 1.62 billion transactions in the month of August, according to the National Payments Corps. of India data. UPI based payments rose about 8% sequentially.
The transactions in August were worth ₹2.98 trillion and almost ₹2.90 trillion in July.
BHIM 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. #BHIMUPI #DigitalPayments @dilipasbe @pnbindia @HDFC_Bank @TheOfficialSBI pic.twitter.com/yTi3txldfO
— BHIM (@NPCI_BHIM) September 1, 2020
“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. Since the launch of UPI in India 4 years ago there has been a consistent growth in its usage. After facing a dip in the months of April-July due to lockdown there has been a sharp increase in UPI payments. In the same month a year ago, 918 million transactions were recorded. In terms of volume, UPI payments exceed debit card payments according to the annual report of RBI.
There has been a significant rise in the usage of other digital modes like Bharat Bill Payment System (BBPS) and FASTag for transactions since the lockdown.