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Wednesday, November 25, 2020

UPI transactions cross 2 billion/month

The platform has seen tremendous growth over the last eight months as the limited use of cash has forced users and businesses to shift priorities to online payments nearly overnight.

By: ENS Economic Bureau | New Delhi | Updated: November 3, 2020 12:37:31 pm
As of October, as many as 189 banks were using the UPI platform developed by the NPCI, compared to 141 in the corresponding month a year ago.

The total number of transactions conducted on the Bharat Interface for Money-Unified Payments Interface (BHIM-UPI), known more simply as the UPI crossed the 2 billion transactions count in a month in October, according to the data released by National Payments Corporation of India (NPCI). The total value of these transactions stood at Rs 3.8 trillion, up from Rs 3.2 trillion in September, the data showed.

As of October, as many as 189 banks were using the UPI platform developed by the NPCI, compared to 141 in the corresponding month a year ago. The platform has seen tremendous growth over the last eight months as the limited use of cash has forced users and businesses to shift priorities to online payments nearly overnight.

For example, in May, which saw complete lockdown, the number of transactions done through UPI stood at 1,234.5 million transaction, while in June and July, when lockdown measures were relaxed a little, the number of transactions stood at 1,336.9 million and 1,497.3 million, respectively.

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