UPI transactions hit a new high of 10 million on a single day

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Transactions through the unified payments interface (UPI) have achieved another top with more than of 10 million transaction being directed through the stage on Wednesday.

This is a huge point of reference for an payments system that was launched under two years ago. It is much more critical as a year ago in June, the month to month UPI transactions were around 10 million.

UPI is an payments sysytem by NPCI, the umbrella organisation for all retail payments in the country, which facilities instant fund transfer between two bank accounts on a mobile platform without requiring any points of interest of the beneficiary’s bank account.Proud to share that we hit 10 million UPI transactions in a single day. #InstantPayments #10Million #DigitalIndia #HighOnUPI @dilipasbe,” NPCI’s Bharat interface for cash (BHIM) handle tweeted late on Wednesday.

Till now, there have been in excess of 27 million downloads of the BHIM application on Android stage and around 1.4 million downloads on iOS stage.In the last one year, the monthly UPI transaction volume has risen around 2,000%, NPCI data showed.

Most of the UPI transaction are person-to-person (P2P) transfers. The motivating forces given to consumers as cashbacks, by the government on P2P installments and by e-commerce organizations during buy of products and services have essentially advanced its usage,” said Dewang Neralla, CEO, Atom Technologies Ltd, an payments service co-op.

UPI was launched in August 2016 with 21 banks, and is presently offered by around 101 banks.

 

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