Wed Sep 25 09:55:37 UTC 2024: ## UPI Transactions Surge in August 2024, PhonePe Remains Top Player
India’s Unified Payments Interface (UPI) witnessed a significant surge in transactions during August 2024, with a total of 14,963.05 million transactions processed, according to the National Payments Corporation of India (NPCI). This represents a 527.5 million increase compared to July’s figures and a notable year-on-year growth from August 2023.
While the total value of Person-to-Person (P2P) and Person-to-Merchant (P2M) transactions slightly dipped to 20.60 lakh crore in August, the transaction volume remained high, with P2M payments accounting for 62.40% and P2P payments for 37.60%.
PhonePe continues to dominate the UPI landscape with 7.2 billion customer-initiated transactions in August, followed by Google Pay with 5.6 billion and Paytm with 1.07 billion. Notably, Paytm saw a slight decline in transaction volume compared to July.
State Bank of India accounts maintained the highest remittance volume with 4,052.31 million transactions, followed by HDFC Bank Ltd., Bank of Baroda, Union Bank of India, and Punjab National Bank.
The data highlights the continued growth and adoption of UPI in India, with a significant rise in both transaction volume and value, signifying the increasing reliance on digital payment solutions across the country.
First Piper 