UPI clocks 6.57 Bn transactions in August

Unified Payments Interface (UPI) has registered 6.57 billion transactions worth Rs 10.72 lakh crore (Rs 10.72 trillion) in August, a slight increase over the previous month, according to data issued by the National Payments Corporation of India (NPCI).

This is a 4.6% jump in volume and nearly a 1% jump in the volume of transactions as compared to the previous month. In July, the UPI recorded 6.28 billion transactions worth Rs 10.62 lakh crore (Rs 10.62 trillion) respectively. 

Volume wise, PhonePe, Google Pay and Paytm control 95% market share in the UPI ecosystem. In July, PhonePe had 47.6% market share followed by GooglePay and Paytm with 33.88% and 13% share respectively. The transactions split for August are yet to be disclosed by NPCI.

WhatsApp, which has been trying to gain momentum in the UPI network, saw a sharp decline in transaction volume in July. The Meta-owned platform registered 23.08 million transactions in June which dwindled by 74% to 6.18 million in July. It would be interesting to see whether it managed to recover in August.

IMPS, one of the most important and quick money transfer services by NPCI, recorded transactions of Rs. 4.46 lakh crore and 46.69 crore in August. Data published by NPCI further showed that NETC FASTAG, a payment mode for automatic toll deduction at toll plazas, registered Rs 4,245 crore transactions in August, up from Rs 4,162 crore the month before.