2023-09-01 16:51:00
Janayugom Webdesk
New Delhi September 1, 2023 10:21 pm
India’s Unified Payments Interface (UPI) has created a record in digital payments. More than 1000 crore transactions were done in August alone. These figures were released by the National Payments Corporation of India.
This is the first time that transactions in a month have crossed 1000 crores. The record of 996.4 crore transactions was surpassed in July. Average daily transactions were 33 crore in August. A total of Rs 15.78 lakh crore was transferred. It was Rs 15.34 lakh crore in July.
The number of transactions crossed 100 crore for the first time in October 2019. 500 crore in March 2021 and 900 crore in May 2023. 57 percent of business transactions are done through UPI. UPI payments are made possible under the Digital India Mission.
RBI has allowed users to link their loan accounts with UPI. This will make it easier to repay the loan using UPI. UPI has been praised by several international institutions including the World Bank and the IMF. UPI is currently available in various countries like Singapore, Malaysia, Bhutan, Nepal, UK, Russia, Oman, Qatar and Europe. France, UAE and Sri Lanka came under the UPI service last week.
English Summary: UPI transactions cross Rs 1000 crore
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