UPI transactions cross 3.5 billion in August

The market share of UPI has constantly been increasing and stood at 80% over the first four months of FY22, up from 73% in FY21, according to a report by Motilal Oswal Financial Services.

The volume of transactions made through the Unified Payments Interface (UPI) channel stood at 3.55 billion in August, up from 3.24 billion in the previous month. The value of transactions rose to Rs 6.39 lakh crore from Rs 6.06 lakh crore in July, the National Payments Corporation of India (NPCI) said on Wednesday.

Transactions through UPI as through other payment channels had seen a marginal dip in April and May, when the outbreak of the second Covid wave affected consumption. As lockdowns and other mobility restrictions were lifted, digital payments picked up again in June and the months thereafter.

The market share of UPI has constantly been increasing and stood at 80% over the first four months of FY22, up from 73% in FY21, according to a report by Motilal Oswal Financial Services.

Other payment channels operated by the NPCI also saw an uptick in usage during August. The volume of financial transactions via Aadhaar enabled Payments System (AePS) rose to 108.48 million from 88.84 million in July. The value of these transactions rose to Rs 27,354 crore from Rs 23,447 crore.

Immediate Payment Service (IMPS) clocked 378 million transactions worth Rs 3.18 lakh crore in August, up from 350 million transactions worth Rs 3.09 lakh crore in July. Transactions through Bharat Bill Payments System (BBPS) rose to 59 million from 51 million in the previous month, and the value of transactions increased to Rs 10,307 crore from Rs 9,613 crore.

Toll payments made through FASTag increased to 201 million from 192 million and their value rose to Rs 3,077 crore from Rs 2,976 crore in July.

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