India recorded over 10 billion Unified Payment Interface (UPI) transactions in volume for the first time in a month, according to data released by the National Payments Corporation of India (NPCI) up to August 30.

The total transaction volume reached 10.241 billion, and UPI transactions in terms of value are about to reach a new high, standing at Rs 15.18 trillion. This is very close to the previous high of Rs 15.34 trillion, which was recorded in July, this year.

Even after reaching 10 billion transactions, there is still ample room for UPI to grow. The data shows that UPI peer-to-merchant (P2M) transactions are surging at a rate of more than 100 percent year-on-year, surpassing peer-to-peer (P2P) transactions in share, Sunil Rongala, Senior Vice President and Head of Strategy, Innovation, and Analytics at Worldline India shared. He also said that it it wouldn't be surprising if UPI transactions reach 20 billion per month within the next 18-24 months

In August 2023, Immediate Payment Service (IMPS) transactions reached 473 million by August 30, with a total value of Rs 4.93 trillion. This is a slight decline from 490 million transactions in July but an increase from 468.1 million in June in terms of volume. In terms of value, IMPS transactions amounted to Rs 5.12 trillion in July, a 2.4 percent increase from the Rs 5 trillion recorded in June.