UPI transactions spike on back of version 2.0; August volume up 32%

UPI 2.0 is also expected to boost the value of transactions

Transactions via the unified payments interface (UPI), the country’s flagship payments platform, saw a sharp rise in August against a marginal drop of 4.35 per cent in July. The jump comes as new features, in the form of UPI 2.0, were introduced in mid-August.

UPI transaction volume in August rose 32 per cent to 312.02 million from 235.65 million in July.

The drop in July was mainly due to transfers to the same account not being considered -- which amounted to 38.1 million for the month. From August 1, the National Payments Corporation of India blocked transactions where the payer