UPI transactions hit all-time high of Rs 10.7 lakh crore in August

NEW DELHI: The number of digital transactions made through the Unified Payments Interface (UPI) hit a new high of 657 crore in August, with their value too shooting up to an all-time high of Rs 10. 7 lakh crore.

The value of UPI transactions is around 0. 9% higher than in July and 67% higher than in the previous corresponding month. In volume terms, the increase is around 4. 5% over the previous month and 85% more than in August last year. Buoyed by the numbers, the ministry of electronics and IT emphasised the success of the Modi government in laying the foundation of a strong fintech architecture and facilitating its growth.

“Thanks to PM Narendra Modi-ji’s vision, India is today leading the world in digital payments in particular and has become the pre-eminent country in use of technology to improve citizen’s lives and governance. The India stack and other various digital government solutions are now envy of world’s nations,” said junior IT minister Rajeev Chandrashekhar.

Sources in the ministry said that India’s success stands out as advanced countries have struggled to facilitate digital transfers even on much smaller scale. Arguing that India has leap-frogged others in developing publicdigital platforms (PDPs) for good governance and delivery of public services, a senior functionary said, “India stack global has developed these platforms at population scale, at low transaction cost, and in a trusted, secure, open source environment.”

The official further said, “India’s digital public infrastructure has been implemented through innovative publicprivate partnerships. We have shown how integration of PDPs on identity, payment and data sharing can generate value creation through network effect.”

In a statement, the ministry said that on an average, more than 90 lakh direct benefit transfer (DBT) payments were processed daily during the last financial year. On an average, 28. 4 crore digital transactions are processed daily. “This success story of India in creation of digital assets (DBT, JAM trinity, NPCI etc) can be an example from which not only ‘developing’ but also ‘developed’ countries may learn,” it said.
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