India witnessed UPI transactions worth ₹10.73 lakh crore in August this year: Report

According to data by the National Payments Corporation of India, the country reported 657 crore UPI transactions in August which is higher than July's tally of 628 crore transactions.

Published on: Sep 1, 2022, 13:46:45 IST

By HT News Desk | Edited by Aryan Prakash

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The digital payment transactions in India through unified payments interface (UPI) rose to ₹10.73 lakh crore in August this year. Last month, the UPI transactions stood at ₹10.63 lakh crore, PTI reported.

According to data by the National Payments Corporation of India, the country reported 657 crore UPI transactions in August which is higher than July's tally of 628 crore transactions.

In June, there were 586 crore transactions worth ₹10.14 lakh crore. Besides this, the instant transfer-based IMPS registered transactions worth ₹4.46 lakh crore in August, pertaining to 46.69 crore transactions. In July, there were 46.08 crore transactions worth ₹4.45 lakh crore, PTI reported.

The National Electronic Toll Collection FASTAG for automatic toll deduction at toll plazas reported transactions worth ₹4,245 crore in August, higher than the July transaction of ₹4,162 crore. In terms of number of transactions, this related to over 27 crore in August, as against 26.5 crore in July.

ALSO READ: Centre to remove toll plazas from all national highways: Report

UPI transaction value touched ₹10.73 lakh cr in August this year, government data revealed. (Mint file)

In terms of Aadhaar-based payment -- AePS -- the transactions came down by nearly 10 per cent to ₹27,186 crore in August, as against ₹30,199 crore in previous month. The number of transactions fell to 10.56 crore from 11 crore.

In another development, India collected Goods and Services Tax (GST) worth ₹1.43 lakh crore in August , a spike of 28 per cent than the tax collected in the same month last year, the finance ministry said.

It is for the sixth consecutive month that the GST collections were more than ₹1.40 lakh crore. “The growth in GST revenue till August 2022 over the same period last year is 33%, continuing to display very high buoyancy. This is a clear impact of various measures taken by the Council in the past to ensure better compliance,” the finance ministry said in a statement.

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HT News Desk
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