Top News

UPI Transactions Details: In August, 1,496 crore transactions were done through UPI (Unified Payment Interface). During this period, a total amount of Rs 20.61 lakh crore was transferred. There has been a 41 percent increase in the number of transactions as compared to August last year.

In August 2023, 1,059 crore transactions were done through UPI and an amount of Rs 15.77 lakh crore was transferred through it. This amount has increased by about 31 percent in a year. Talking about the average daily transaction in August 2024, it was 48 crore 30 lakh and an average amount of Rs 66,475 crore was transferred daily.

UPI transactions increased by 4% compared to July

At the same time, the number of transactions has increased by 3.60 percent compared to last month (July 2024). However, the amount transferred has decreased by 0.15 percent.

In July 2024, 1,444 crore transactions were done through UPI and an amount of Rs 20.64 lakh crore was transferred through it. The National Payment Corporation of India (NPCI), the organization that regulates UPI, released the transaction figures today (September 1).

UPI is operated by NCPI

In India, RTGS and NEFT payment systems are operated by RBI. Systems like IMPS, RuPay, UPI are operated by National Payment Corporation of India (NPCI). The government had made zero-charge framework mandatory for UPI transactions from January 1, 2020.

How does UPI work?

For UPI service, you have to create a virtual payment address. After this, it has to be linked to the bank account. After this, you do not have to remember your bank account number, bank name or IFSC code etc. The payer simply processes the payment request based on your mobile number.

If you have his/her UPI ID (e-mail ID, mobile number or Aadhaar number) then you can easily send money through your smartphone. Not only money, but you will also not need net banking, credit or debit card for utility bill payment, online shopping, shopping etc. You can do all these tasks through the Unified Payment Interface system.