Money & Banking

UPI registers robust growth in August

Surabhi Mumbai | Updated on September 01, 2021

Logs record 355 crore transactions worth ₹6.39 lakh crore

Digital payments continued to grow at a robust pace and touched a new record in August with further easing of lockdown restrictions by many States and resumption of economic activities.

Unified Payments Interface registered 355 crore transactions worth ₹6.39 lakh crore in August 2021, according to data released by the National Payments Corporation of India on Wednesday. Transactions on the UPI platform had breached the ₹6 lakh crore-mark in July to amount to ₹6.06 lakh crore.

The Immediate Payment Service (IMPS) also witnessed a sharp growth in transactions. The number of transactions on the IMPS platform rose to 37.79 crore in August and valued at ₹3.18 lakh crore. It had processed 34.97 crore transactions amounting to ₹3.09 lakh crore in July.

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FASTag collection up

Payments on NETC FASTag crossed 20 crore in terms of volume in August to 20.12 crore. In value terms, it amounted to ₹3,076.56 crore. In contrast, 19.23 crore transactions worth ₹2,976.39 crore were processed on NETC FASTag in July.

Aadhar Enabled PaymentSystem (AePS) transactions, too, scaled the 10-crore transaction mark last month. As many as 10.84 crore payments worth ₹27,353.87 crore took place through AePS in August compared to 8.88 crore transactions totalling ₹23,447.11 crore in July.

The BharatBill Pay platform registered 5.88 crore payments totalling ₹10,307.4 crore in August versus 5.1 crore transactions amounting to ₹9,612.87 crore in July.

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“We believe that continued opening of the economy and markets coupled with the upcoming festive season would enable spends to grow at a better pace over the medium term ,” Motilal Oswal had said in its Digital Payments Tracker report for July that looked at card and UPI spending.

Published on September 01, 2021

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