Prime Minister Narendra Modi hailed the crossing of 10 billion UPI transactions in August 2023. According to the National Payments Corporation of India (NPCI), which manages the real-time payments system, UPI transactions surged 67 per cent year-on-year to 10.58 billion in August.
In reply to a post by NPCI, PM Modi posted on X, “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.”
The centre’s digital payments framework, Unified Payments Interface (UPI), achieved a remarkable milestone by crossing 10 billion transactions in a month.
For the first time in its seven years of existence, UPI has crossed the 10 billion monthly transactions benchmark.
India is in talks with other countries to take the payment system global, especially in developing countries. Its neighbours like Nepal and Bhutan have already adopted the UPI system.
NPCI is gunning for a target of 30 billion transactions per month — or a billion transactions daily.