PM Modi lauds India’s digital progress as UPI transactions cross 10 billion mark in August

With UPI payments crossing the 10 billion plus mark in the month of August in the country, Prime Minister Narendra Modi on Friday congratulated the citizens of India on embracing digital transactions and hoped that the trend would continue in future.

“This is exceptional news! It is a testament to the people of India embracing digital progress and a tribute to their skills. May this trend continue in the times to come,” PM Modi posted on X, formerly known as Twitter.

Unified Payments Interface (UPI) transactions crossed the 10 billion mark in August, data from the National Payments Corporation of India (NPCI) revealed on Thursday.

This is exceptional news! It is a testament to the people of India embracing digital progress and a tribute to their skills. May this trend continue in the times to come. https://t.co/MrXpYbg5Cd

— Narendra Modi (@narendramodi) September 1, 2023

NPCI is an umbrella organisation for all retail payment systems in India. UPI is used for immediate money transfer through mobile devices round-the-clock and is an easy mode of digital payment.

“Drumroll please! UPI has just shattered records with an astonishing 10 billion plus transactions. Join us in celebrating this incredible milestone and the power of digital payments. Let's keep the momentum going and continue to revolutionize the way we make transactions with UPI!” NPCI said on X.

According to the NPCI data, UPI transactions on August 30 stood at 10.24 billion. In value terms, the transaction had totalled Rs 15,18,456.4 crore.

The number of UPI transactions in July was 9.96 billion (996.4 crore), up from 9.33 billion in June. In value terms, the transactions totalled Rs 15,33,645.20 crore.

In India, UPI is an instant payment system that allows users to instantly transfer money to any bank account.