UPI gets festive boost: Digital payments hit a record 24.51 bn transactions in August

In August, Unified Payments Interface hit an all-time high for monthly transaction volumes, largely fueled by festive celebrations like Raksha Bandhan that encouraged peer-to-peer transfers. As transaction values approached previous peaks, the digital payment landscape continued to evolve, with UPI now being embraced in eleven countries worldwide. The potential for further growth is promising as innovative use cases, such as credit options within UPI, start to gain traction.

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