New Record for UPI: 10 Billion Transactions in August.

Over Rs. 5,500 billion in loans were disbursed by Paytm, and in August, UPI processed 10 billion transactions.

A well-known fintech company, Paytm, revealed on Tuesday that it has deployed 87 lakh devices for offline transactions and had disbursed $667 million (Rs. 5,517 crore) in loans via its platform in August.

In a regulatory filing, the Vijay Shekhar Sharma-led fintech platform reported that, on average, 9.4 crore users made transactions through Paytm each month in July and August of this year, a 20% increase over the typical number of users observed at the same time period the previous year.

Paytm statement

” Our loan distribution business continues to gain scale with disbursements ofRs. 10,710 crore( y- o- y growth of 137) and 88 lakh loans( y- o- y growth of 47 percent) expended in quarter to date for the month of July and August 2023 combined, through the Paytm platform,” the company stated in its operating performance report for August.

As of August 2023, 87 lakh merchants were paying membership fees for payment devices, an increase of 42 lakh devices from the previous year, according to Paytm.

In July and August, the Antfin-backed company’s Merchant Payment Volumes (GMV) were Rs. 3 lakh crore, up 43% year over year.

The National Payments Corporation of India (NPCI) said that UPI transactions surpassed the 10 billion mark in August.

All Indian retail payment methods fall under the purview of NPCI. UPI is utilized 24/7 for instantaneous money transfers through mobile devices.

It's 10 Billion+ transactions in August`23! Make seamless payments from your mobile in real-time with UPI.#UPI #DigitalPayments #UPIChalega @GoI_MeitY @_DigitalIndia @upichalega @dilipasbe pic.twitter.com/5NrcpIirn8

— NPCI (@NPCI_NPCI) September 1, 2023

Please roll the drums! With an astounding 10 billion or more transactions, UPI has recently broken records. Join us as we commemorate this amazing accomplishment and the potential of digital payments. Let’s maintain the enthusiasm and keep revolutionizing how we conduct business with UPI!, NPCI wrote on X, formerly known as Twitter.

The UPI transactions on August 30 were 10.24 billion, according to NPCI data. The transaction had a total value of Rs. 15,18,456.4 crore.

UPI transactions increased from 9.33 billion in June to 9.96 billion (996.4 crore) in July. The transactions totaled Rs. 15,33,645.20 crore in value.

Users can instantaneously transfer money to any bank account using the UPI (Unified Payment Interface) instant payment technology.