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Detailed explanation-1: -The UPI (Unified Payments Interface) network processed 657 crore transactions in August worth about Rs 10.73 lakh crore.

Detailed explanation-2: -The flagship digital payments platform in India, Unified Payments Interface (UPI) processed 7.3 billion transactions in October 2022. This is a record-high volume since the inception of this platform in 2016. Also, this huge volume of UPI transactions amounts to Rs. 12.11 trillion.

Detailed explanation-3: -Rajesh Mirjankar, MD and CEO of Kiya.ai, said, “UPI transactions reaching 657 crore in August 2022 is evidence of the popularity of UPI and being a preferred mode of payments by an increasing number of consumers.”

Detailed explanation-4: -PhonePe led the market with 47.9% of share by count and 49.25% by value of transactions, processing 314 Cr UPI transactions worth INR 5.28 Cr during the month. Google Pay ranked second with a market share of 33.76% in the number of transactions and 34.5% in the value of transactions.

Detailed explanation-5: -The platform processed 6.57 billion (657 crore) transactions, totalling ₹10.73 trillion, data released by the National Payments Corporation of India (NPCI) showed. UPI transactions by volume rose 85% on year, while it was up nearly 68% by value as compared to last year.