The total value of these transactions hit ₹24.85 lakh crore, showing a strong 24% increase compared to the same period last year. This growth underlines how fast India is moving toward a cashless economy, with more people and businesses relying on UPI for everyday payments.

On a daily basis, UPI handled 645 million transactions in August, up from 628 million in July. The daily transaction value averaged ₹80,177 crore. Notably, UPI also recorded over 700 million transactions in a single day on August 2, setting another benchmark.

This surge in digital payments came despite challenges like the ban on real money gaming platforms. Experts say that consistent growth proves the resilience of the UPI system and its central role in India’s financial ecosystem. With this milestone, UPI continues to strengthen its position as one of the world’s fastest-growing payment networks.

The post UPI transactions cross 20 bn milestone in August appeared first on India Podcast.