In August, Unified Payments Interface (UPI) transactions in India soared to a record-breaking 14.96 billion, marking a 41% increase from the same period last year, according to the National Payments Corporation of India (NPCI). The total transaction value for the month reached ₹20.61 lakh crore, reflecting a 31% year-on-year growth.

Daily UPI transactions averaged 483 million, with a daily transaction value of ₹66,475 crore. This achievement marks the fourth consecutive month where UPI transactions have surpassed ₹20 lakh crore. July’s figures slightly edged out August’s, with 14.44 billion transactions and a transaction value of ₹20.64 lakh crore.

India has emerged as the global leader in digital transactions, with over 40% of payments now being processed digitally, predominantly through UPI. NPCI CEO Dilip Asbe expressed optimism about UPI’s future, predicting it could reach 100 billion transactions within the next 10-15 years, supported by credit expansion. The Reserve Bank of India is also focusing on enhancing UPI and RuPay’s global footprint. The rapid growth of UPI is driven by the addition of 6 million new users monthly, the integration of RuPay credit cards, and UPI’s international outreach. NPCI is aiming for a future milestone of 1 billion transactions per day.