The National Payments Corporation of India (NPCI) is the umbrella organization for all retail payment systems in India. UPI is utilized for round-the-clock money transfers using mobile devices.
The National Payments Corporation of India (NPCI) is the agency that oversees all retail payment systems in India. UPI is used for 24-hour money transfers via mobile devices. The National Payments Corporation of India (NPCI) is the Indian government body in charge of all retail payment systems. UPI is a mobile money transfer service that operates around the clock.
According to NPCI data, UPI transactions totaled 10.24 billion on August 30. The transaction had a total value of Rs 15,18,456.4 crore. In July, there were 9.96 billion (996.4 crore) UPI transactions, up from 9.33 billion in June. The total value of the trades was Rs 15,33,645.20 crore.
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Over the last 4-5 years, UPI apps such as PhonePe, Google Pay, Paytm, Cred, and Amazon Pay have popularized the payment platform through incentives. According to data from the National Payments Corporation of India (NPCI), which manages the real-time payments network, the mobile payments juggernaut, universal payments interface (UPI), likely crossed 10 billion transactions for the first time on August 30.
The UPI platform had 9.96 billion transactions in July. The NPCI has yet to provide data on August 30, but UPI transactions totaled $9.89 billion on August 29. During the month of August, UPI processed approximately 330 million transactions every day. With that rate of development, UPI should reach around 10.5 billion transactions in August, representing a 5% month-on-month increase.
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