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UPI logs 355 crore transactions in August, rises 54% this year till now

In August, the number of banks live with UPI grew to 249 from 235 in July, while the 3.55 billion transactions valued at Rs 6,39,116 crore was recorded. In the last one year – i.e.

By Telangana Today

Published Date - 2 September 2021, 03:18 PM

UPI logs 355 crore transactions in August, rises 54% this year till now

Hyderabad: The online payment explosion is surely making its impact felt in the payments space with the Unified Payments Interface (UPI) transactions in terms of volume surging 54 per cent since the beginning of the year till now. Meanwhile, the monthly growth in transactions in August when compared with July was 9.56 per cent and in terms of value it grew 5.41 per cent in the same period.

In August, the number of banks live with UPI grew to 249 from 235 in July, while the 3.55 billion transactions valued at Rs 6,39,116 crore was recorded. In the last one year – i.e. from August 2020 to August 2021 – the UPI transactions grew from 1.61 billion to 3.55 billion and the value grew from Rs 2,98,307 crore to Rs 6,39,116 crore.

All these indicate that the Covid-19-led pandemic and subsequent lockdowns has immensely contributed to the growth of digital payments and UPI has been at the forefront of this growth. Launched in 2016, UPI adoption has grown tremendously with the monthly transactions crossing Rs 1,00,000-crore mark in December 2018 and Rs 2,00,000 crore mark in 2019.

In 2021 till August, the UPI transactions were hit badly during the second wave of Covid-19 wherein the volume of transactions dipped from 2.64 billion in April to 2.53 billion in May. While March saw a slight growth, this rise couldn’t sustain the second wave and in terms of value the transactions it hovered around Rs 4,90,000 crore in that period.