Record 1,496 crore UPI transactions in August: 41% more than last year, ₹20.61 lakh crore worth of transactions transferred through this

In August, 1,496 crore transactions were done through UPI (Unified Payment Interface). During this period, a total amount of Rs 20.61 lakh crore was transferred. The number of transactions has increased by 41% as compared to August last year. In August 2023, 1,059 crore transactions were done through UPI and an amount of Rs 15.77 lakh crore was transferred through it. This amount has increased by about 31% in a year. Talking about the daily average transaction in August 2024, it was 48 crore 30 lakh and an average amount of Rs 66,475 crore was transferred daily. UPI transactions increased by 4% as compared to July. At the same time, the number of transactions has increased by 3.60% as compared to last month (July 2024). However, the amount transferred has decreased by 0.15%. In July 2024, 1,444 crore transactions were done through UPI and an amount of Rs 20.64 lakh crore was transferred through it. National Payment Corporation of India (NPCI), the organization that regulates UPI, released the transaction figures today (September 1). UPI is operated by NCPI. In India, the operation of RTGS and NEFT payment systems is with the RBI. Systems like IMPS, RuPay, UPI are operated by the National Payment Corporation of India (NPCI). The government had made a zero-charge framework mandatory for UPI transactions from January 1, 2020. How does UPI work? For UPI service, you have to create a virtual payment address. After this, it has to be linked to the bank account. After this, there is no need to remember your bank account number, bank name or IFSC code etc. The payer simply processes the payment request according to your mobile number. If you have his/her UPI ID (e-mail ID, mobile number or Aadhaar number) then you can easily send money through your smartphone. Not only money but you will not need net banking, credit or debit card for utility bill payment, online shopping, shopping etc. You can do all these things through Unified Payment Interface system. UPI is now fast becoming a global transaction system. That is, transactions are being done in many countries outside India through this… Read this news also… 5 people will be able to make payment from one UPI account: Government launched UPI Circle, it has a transaction limit of up to ₹ 15,000 in a month. Now you can use the same UPI ID in more than one mobile. Government has launched a new feature 'UPI Circle Delegated Payment Service' in UPI app. By activating this facility, you will be able to add one or more persons in your UPI app. All the added people will be able to make UPI payment from your bank account. Click here to read the full news…

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