India's Unified Payments Interface (UPI) achieved a remarkable milestone by surpassing 10 billion monthly transactions in August, with a transaction value of INR 15.18 trillion ($204.77 billion). The National Payments Corporation of India (NPCI) confirmed this achievement, highlighting that UPI transactions have grown by over 50% year-on-year.
The payments network is witnessing remarkable growth, with peer-to-merchant (P2M) transactions growing at a pace of over 100% YoY, surpassing peer-to-peer (P2P) transactions. Industry experts believe that there is still significant room for UPI transaction growth, and monthly transactions may reach 20 billion in the next 18-24 months. UPI's expansion underscores the increasing adoption of digital payments in India.