People in India have become disillusioned with cash. People are using UPI for small payments. This is the reason why online payment mode is continuously increasing. You can also understand the craze of UPI transactions in the sense that it has created a new record in a month. Record breaking transactions have taken place through UPI in August. In just one month, UPI has crossed the 10 billion mark through online transactions. According to NPCI information, about 10.24 billion transactions took place through UPI in August.
Transaction worth Rs 15,18,456 crore done
According to NPCI data, the figure of UPI transactions in the month of August has gone up to 10.24 billion. During this, a transaction of about Rs 15,18,456.4 crore has taken place. At the same time, there were 9.96 billion transactions through UPI in July. After Corona, there is a continuous increase in UPI transactions.
QR code plays the main role
QR code has a very important role behind the rapid growth of UPI transactions. People can easily make payments in a jiffy through the QR code. According to reports, UPI has more than 33 million unique users in India. UPI transactions have increased due to UPI apps like PhonePe, Google Pay, Paytm, Cred and Amazon Pay.
35 countries want to adopt UPI
The sting of India's UPI is ringing not only in the country but also abroad. Many countries want to adopt India's UPI payment method. More than 35 countries including Japan now want to adopt India's UPI technology. IMF had also praised India's digital payment mode UPI.
More figures will increase during festivals
People find UPI to be the easiest way to make payments today. From paan shops to Ola-Uber rides, people make UPI their payment method. At the same time, it is expected to increase further in the festive season of October and November. In both these months, people shop fiercely. People do more UPI transactions than cash.
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