New Delhi: India is galloping on the digital horse when its ingenious Unified Payments Interface (UPI) crossed 10 billion transaction marks for the very first time. Launched in India in 2016 by National Payment Corporation of India (NPCI), UPI, the country’s very own developed real-time payment method, has grown in leaps and bounds in the last seven years.
Celebrating the historic occasion on Friday, NPCI shared the post on X account and said, “It’s 10 Billion+ transactions in August`23! Make seamless payments from your mobile in real-time with UPI.”
Over 10.58 billion transaction count happened in August 2023 against 9.96 billion transaction count in July 2023, which is a 61% y-o-y growth. The payment service witnessed over 15.76 lakh crore transaction in August 2023 in terms of amount in rupees against 15.34 lakh crore in July 2023.
IT minister Ashwini Vaishnav also celebrated the moment by sharing a video of a road-side vegetable seller taking payment through UPI QR code. The video appeared to show when asked for QR code by the customer; the seller upturned the balance scale’s bucket where she sticked the sticker.
Brought under digital India mission to make the country a cashless economy, UPI changes the way of handling money by common people. The support and innovation given by private payment firms including Paytm, Phonepe, etc. boost the transactions in the country and make the service more effective and functional. Paytm’s soundbox, which gives voice confirmation of every transaction, turns out a game-changer by providing the trust and feasibility for both customers and merchants.
A lot of countries inlcuding the world bank, IMF have praised the country’s ingenous technology. In effort to make UPI international, the country has done several tie-ups with friendly countries in the recent past to boost the real-time payment method. India and UAE agreed to start the payments via UPI.