UPI hits record 24.51 billion transactions in August

Unified Payments Interface (UPI) transactions reached 24.51 billion in August, setting a new benchmark for the digital payment platform that has become central to India's financial infrastructure.

The transaction volumes expanded 3.6 per cent from the previous month and surged 22 per cent on a year-over-year basis, underscoring robust expansion in India's digital payment adoption. The total value of transactions processed during the month reached ₹29.82 trillion, reflecting the growing scale of cashless commerce across the country.

Daily UPI transactions averaged 791 million, demonstrating consistent engagement with the platform across India's diverse user base. This metric indicates deepening penetration of digital payments in routine financial transactions, from retail purchases to utility bill payments and fund transfers.

The August figures come amid ongoing efforts to strengthen India's digital payments infrastructure and reduce reliance on cash transactions. UPI, operated by the National Payments Corporation of India, has emerged as a critical facilitator of India's transition toward a more digitized economy since its launch in 2016.