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UPI Crosses 10 Billion Transactions for First Time, PM Modi Hails Achievement


New Delhi: In a historic achievement for India's Unified Payments Interface (UPI), the month of August 2023 witnessed a landmark with over 10 billion transactions processed. Prime Minister Narendra Modi expressed his delight at this remarkable feat. In response to a post by the National Payments Corporation of India (NPCI) on social media, the Prime Minister lauded this extraordinary accomplishment, characterizing it as a clear demonstration of India's enthusiastic embrace of digital advancement and a tribute to its citizens' skills. He expressed his optimism that this trend would persist into the future.


Data from the NPCI reveals that a staggering 10.5 billion transactions were recorded on the UPI platform during August. The primary contributors to this surge are three prominent players in the sector, namely PhonePe, Google Pay, and Paytm. In comparison, in July of the previous year, PhonePe processed approximately 4.7 billion transactions, with Google Pay following closely at 3.4 billion.


According to NPCI officials, India has been pursuing two key strategies. The first involves the development of digital infrastructure and platforms to facilitate payments for Indian travelers and migrants, while also establishing commercial partnerships and linkages with existing financial platforms in partner countries.

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