In August, UPI transactions for the first time ever exceeded £100 million. UPI transactions up to August 30, 2023, totaled £102.4 million with a value of £152 billion, according to NPCI data.
UPI transactions stood at £ 93.4 million in July, with the value of the transactions at £153 billion. . Although the value is lower as of August 30, the number is expected to surpass £160 billion after taking into account the transactions for August 31, which will be available.
Due to sales for Independence Day on numerous websites, August saw a surge in transactions, according to sources from payment companies. There were a lot of gift transactions made using UPI for Raksha Bandhan as well.
The festival season is also projected to lead September numbers to increase significantly, which will increase consumption. Nearly three years after the payment system's debut, UPI transactions surpassed £10 million for the first time in October 2019.