The transaction count increased 3.6% month-on-month (MoM) in August. On a year-on-year (YoY) basis, transaction volume grew 22%.
However, the value of UPI transactions was largely stable on a monthly basis.
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Transactions worth ₹29.82 lakh crore were processed in August, compared with ₹29.88 lakh crore in July, a marginal decline of around 0.2% MoM. Transaction value rose 20% YoY.
The average daily transaction count increased to 791 million in August from 763 million in July. The average daily transaction value stood at ₹96,205 crore, compared with ₹96,383 crore in July.
The August numbers come as digital payments typically see higher activity during the festive period, with spending across retail, food, travel, gifting and household purchases.
Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said the festive economy could support the next phase of digital payment growth, particularly across smaller towns and rural markets.
“Bharat’s festive economy is increasingly emerging as an important growth engine for digital payments,” Bajaj said. He added that the focus would increasingly be on expanding the use of digital payments across everyday commerce and reaching consumers beyond the smartphone ecosystem.According to Bajaj, assisted payment services could help extend digital payment access to consumers and small merchants in the last mile.
