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UPI transactions grew 11.7% to 918.4M in August 2019; Rs 154,504.9 Cr transacted

The Unified Payment Interface (UPI) saw an increase of 11.7% in the total transaction volumes taking place between July 2019 and August 2019, according to data published by the National Payments Corporation of India (NPCI). Amount transacted slightly grew between July and August 2019. NPCI is a private company owned by Indian banks and owns and operates important payments systems such as UPI and IMPS. The total number of transactions in August 2019 was around 2.9 times higher than in the same month last year. The amount transacted went up marginally to Rs 154,504.9 crores over July. The amount transacted in August 2019 was 2.8 times higher than in August 2018. However, given the limited impact of seasonality on digital payments, and the fact that this is pipped to be a high growths sector, month-on-month data needs to be looked…

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