“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.”
Prime Minister Narendra Modi
Prime Minister Narendra Modi on Friday hailed the milestone India has achieved in terms of UPI transactions at 10 billion in the month of August 2023.
“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,” PM Modi said replying on a post on social media platform X.
UPI transactions achieved a remarkable milestone by crossing 10 billion transactions in a month with the total number of UPI transactions reached an all-time high of 10.58 billion in August.
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National Payments Corporation of India (NPCI) said the UPI transactions surged 67% year-on-year to 10.58 billion in August.
Union telecom minister Ashwini Vaishnaw also welcome the move saying, “Digital India achieves a new record. UPI payment transactions crossed the 10 billion mark in August-23.”
Total transaction amount increased 47% year-on-year to Rs 15.76 lakh crore in August.
In July, UPI transactions of 9.96 billion were recorded while the transaction amount stood at Rs 15.34 lakh crore. UPI payments system saw 9.34 billion transactions in June 2023 with a total transaction amount of Rs 14.75 lakh crore, NPCI said.
As per NPCI officials, India has been following two strategies. First is to help build digital infrastructure and platforms for partner countries and enter into commercial linkages and partnerships with existing financial platforms to make payments for Indian travellers and migrants easier.
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