The volume of transactions made by means of the Unified Payments Interface (UPI) channel stood at 3.55 billion in August, up from 3.24 billion in the prior month. The worth of transactions rose to Rs 6.39 lakh crore from Rs 6.06 lakh crore in July, the National Payments Corporation of India (NPCI) stated on Wednesday.
Transactions by means of UPI as by means of other payment channels had seen a marginal dip in April and May, when the outbreak of the second Covid wave impacted consumption. As lockdowns and other mobility restrictions have been lifted, digital payments picked up once more in June and the months thereafter.
The market place share of UPI has frequently been rising and stood at 80% more than the very first 4 months of FY22, up from 73% in FY21, according to a report by Motilal Oswal Financial Services.
Other payment channels operated by the NPCI also saw an uptick in usage for the duration of August. The volume of monetary transactions by way of Aadhaar enabled Payments System (AePS) rose to 108.48 million from 88.84 million in July. The worth of these transactions rose to Rs 27,354 crore from Rs 23,447 crore.
Immediate Payment Service (IMPS) clocked 378 million transactions worth Rs 3.18 lakh crore in August, up from 350 million transactions worth Rs 3.09 lakh crore in July. Transactions by means of Bharat Bill Payments System (BBPS) rose to 59 million from 51 million in the prior month, and the worth of transactions enhanced to Rs 10,307 crore from Rs 9,613 crore.
Toll payments made by means of FASTag enhanced to 201 million from 192 million and their worth rose to Rs 3,077 crore from Rs 2,976 crore in July.