UPI Transaction Value Touches Rs 10.7 Lakh Crore Through 657 Crore Dealings In August

In July 2022, the UPI-based digital transaction value stood at Rs 10.63 lakh crore

According to NPCI data, the value of UPI transactions during August relates to a total of 657 crore transactions, up from 628 crore in the preceding month.

Source : Getty

Unified Payments Interface (UPI) clocked another record high in August, both in terms of volume and value of transactions. India’s digital payment transactions value through UPI rose to Rs 10.73 lakh crore in August, up marginally from the previous month, according to NPCI data showed on Thursday.

In July 2022, the UPI-based digital transaction value stood at Rs 10.63 lakh crore, the PTI reported.

According to the data released by the National Payments Corporation of India (NPCI), the value of UPI transactions during August relates to a total of 657 crore transactions, up from 628 crore in the preceding month. In June, there were 586 crore transactions, valued at worth Rs 10.14 lakh crore.

Of the other data sets on the NCPI framework, the instant transfer-based IMPS clocked transactions worth Rs 4.46 lakh crore in August, relating to a total of 46.69 crore transactions. In July, it stood at Rs 4.45 lakh crore in value terms through a total of 46.08 crore transactions.

The NETC FASTAG for automatic toll deduction at toll plazas witnessed transactions worth Rs 4,245 crore in August, up from Rs 4,162 crore in the preceding month. In terms of number of transactions, this related to over 27 crore in August, as against 26.5 crore in July.

In terms of Aadhaar-based payment, AePS, the transactions came down by nearly 10 per cent to Rs 27,186 crore in August, as against Rs 30,199 crore in previous month. The number of transactions fell to 10.56 crore from 11 crore.

The Reserve Bank of India (RBI) recently floated a discussion paper, seeking comments from stakeholders on whether UPI transactions should be charged.

The central bank has asked if UPI transactions are charged, then should the merchant discount rate (MDR) be imposed based on the transaction value or should a fixed amount be charged as MDR irrespective of the transaction value.