"Digital India": Over 3.5 Billion UPI Transactions Worth Rs 6.39 Lakh Crore In August 2021

The National Payments Corporation of India (NPCI) has revealed that the volume of payments made via the unified payments interface (UPI) increased to 3.55 billion in August 2021, as compared to 3.24 billion transactions in the month of July.

Overall, the transaction value in the previous month also shot up to Rs 6.39 lakh crore from Rs 6.06 lakh crore in July.

Digital payments have picked up pace since June onward upon the gradual lifting of the lockdown restrictions imposed due to the Covid-19 pandemic, Financial Express reports.

UPI transactions had comparatively dipped owing to the same reason in the months of April and May this year.

Additionally, a report from the Motilal Oswal Financial Services stated that the market share of UPI has increased to 80 per cent in the initial four months of FY22 from 73 per cent in FY21.

Both the volume and value of transactions through other NPCI-operated payment channels like Aadhaar enabled Payments System (AePS) ad Immediate Payment Service (IMPS) grew substantially in August with respect to July.

Similarly, 201 million toll payments were made via FASTag in July and their total value stood at Rs 3077 crore. These figures stood at 192 million payments worth Rs 2976 crore in July respectively.