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UPI Hits Record August Volume as Festive Demand Fuels Growth
UPI is a system that lets people send money instantly using phones and bank accounts.
In August, it handled 24.51 billion payments, its highest monthly number ever.
These payments were worth ₹29.82 lakh crore.
The number of payments was 22% higher than in August last year, while their value was 20% higher.
People made about 791 million UPI payments each day.
Raksha Bandhan helped increase small transfers and digital gifts.
Other payment systems had mixed results during the month.
Experts said future growth may depend on reaching smaller towns and people who do not use smartphones.
UPI is also being used or developed for payments in several countries outside India.
UPI processed a record 24.51 billion transactions worth ₹29.82 lakh crore in August.
Transaction volume rose 22% and transaction value increased 20% from August last year.
Average daily UPI activity reached 791 million transactions worth about ₹96,205 crore.
Raksha Bandhan and other festive activity boosted peer-to-peer transfers and small-ticket gifting.
Reports differ on UPI’s latest international expansion, particularly Uzbekistan’s status and whether Greece or the Maldives was the latest adopter.
- Who
- The National Payments Corporation of India released the data; UPI users, banks and participating payment providers processed the transactions.
- What
- The Unified Payments Interface recorded a monthly volume record of 24.51 billion transactions worth ₹29.82 lakh crore in August.
- Where
- The transactions occurred on India’s UPI network, which is accepted or being expanded internationally in 11 countries according to the reports.
- When
- The figures cover August, with year-on-year comparisons against August of the previous year; the data was released on Tuesday.
- Why
- Growth was attributed to wider digital-payment adoption and festive activity such as Raksha Bandhan; experts also cited new use cases and infrastructure investment.
Uzbekistan Listed as UPI’s Latest Country
Uzbekistan Described Through a Separate Agreement
International expansion status
Uzbekistan Listed as UPI’s Latest Country
Several reports say Uzbekistan is the latest country where UPI is accepted and list Cambodia and Greece among the 11 countries.
Uzbekistan Described Through a Separate Agreement
Another report says Greece and the Maldives are the latest adopters, while Uzbekistan is covered by a commercial agreement allowing Indian users to pay through Uzbekistan’s UZQR system.
Priorities for future growth
Uzbekistan Listed as UPI’s Latest Country
Industry executives emphasized festive demand, new services such as credit on UPI and investment in resilient digital infrastructure.
Uzbekistan Described Through a Separate Agreement
Other industry commentary stressed expanding access in smaller towns, reaching people outside the smartphone ecosystem and using assisted payment solutions.
Key facts
- August UPI volume
- 24.51 billion transactions, an all-time monthly record
- August UPI value
- ₹29.82 lakh crore
- Year-on-year growth
- 22% in transaction volume and 20% in transaction value
- Average daily activity
- 791 million transactions worth approximately ₹96,205 crore
- July comparison
- July recorded 23.66 billion transactions and roughly ₹29.88 lakh crore in value; an official factsheet separately cited 2,365.8 crore transactions and ₹29.87 lakh crore
- Other payment systems
- IMPS recorded 360 million transactions worth ₹7.04 lakh crore; FASTag recorded 351 million transactions; AePS recorded 104 million transactions
- International reach
- UPI is reported as accepted in 11 countries, but the articles differ over whether Uzbekistan, Greece or the Maldives was the latest addition
Sources
UPI Transactions Hit Record 24.51 Billion In August As Digital Payments Continue Rapid Growth
UPI Sets New Volume Record at 24.51 Billion Transactions in August
Festive rush sends UPI transactions to record 24.51 bn
UPI Transactions Hit Record 24.51 Billion In August, Festive Demand Drives Growth
UPI transactions surge by 20 pc to Rs 29.82 lakh crore in August
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