UPI Daily Average Transaction Value Crosses ₹90,000 Cr in Aug: SBI
The Unified Payments Interface (UPI) has been a game-changer in the digital payments space in India, and the numbers are only getting stronger. According to the latest report from the State Bank of India (SBI), the daily average transaction value on UPI has crossed the ₹90,000-crore mark in August, a significant increase from the previous month.
In January, the daily average transaction value on UPI stood at ₹75,743 crore, but by August, it had increased to ₹90,446 crore, a growth of 19.5%. This surge in transaction value is not just limited to the value of transactions, but also in terms of volumes. The average daily transaction volumes on UPI have increased by 127 million during the same period, reaching 675 million in August.
The growth of UPI can be attributed to its convenience, security, and widespread adoption across the country. UPI allows users to make transactions using a unique identifier, making it a secure and hassle-free payment method. The service is also available on a wide range of platforms, including mobile wallets, banking apps, and online marketplaces.
The surge in UPI transactions can also be attributed to the increasing adoption of digital payments in India. The Reserve Bank of India (RBI) has been promoting digital payments through various initiatives, including the National Payments Corporation of India’s (NPCI) BHIM UPI app. The government has also been promoting digital payments through various schemes and incentives.
According to the SBI report, the growth of UPI has been significant across various segments, including peer-to-peer transactions, merchant payments, and bank-to-bank transactions. Peer-to-peer transactions, which involve transactions between individuals, have seen the highest growth, with a 25% increase in August compared to January.
Merchant payments, which involve transactions between merchants and customers, have also seen significant growth, with a 20% increase in August compared to January. Bank-to-bank transactions, which involve transactions between banks, have also seen a 15% increase during the same period.
The growth of UPI has also led to a significant increase in the number of transactions processed on the platform. According to the SBI report, the number of transactions processed on UPI has increased by 35% in August compared to January, reaching 2.5 billion transactions.
The growth of UPI has also led to a significant increase in the number of users on the platform. According to the SBI report, the number of UPI users has increased by 20% in August compared to January, reaching 140 million users.
The growth of UPI has also led to a significant increase in the revenue generated by the platform. According to the SBI report, the revenue generated by UPI has increased by 25% in August compared to January, reaching ₹1,500 crore.
The growth of UPI has been a significant factor in the growth of digital payments in India, and it is expected to continue to play a major role in the future. The platform has the potential to revolutionize the way Indians make payments, and its growth is expected to continue to accelerate in the future.
In conclusion, the growth of UPI in August has been significant, with the daily average transaction value crossing the ₹90,000-crore mark. The growth of UPI can be attributed to its convenience, security, and widespread adoption across the country. The platform has the potential to revolutionize the way Indians make payments, and its growth is expected to continue to accelerate in the future.
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