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Home News UPI transactions top 77 million in October: NPCI

UPI transactions top 77 million in October: NPCI

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Home &gt News &gt UPI transactions top 77 million in October: NPCI

UPI is the simplest digital payments mechanism widely adopted by banks and major services.

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United Payments Interface (UPI) transactions recorded over 100 percent growth in October compared to the month before. The instant payment mechanism recorded 76.9 million transactions as compared to 30.9 million transactions in September.

The National Payments Corporation of India (NPCI) announced the feat through its official Twitter account, indicating the transaction value through UPI increased to Rs 7,057 crore in the month of October. According to a report on ET, the transaction value 32.5 percent from Rs 5,325 crore last year.

Following the demonetization drive in the country, e-wallets and payment mechanism picked pace. However, the RBI-promoted UPI is one of the most simplest and widely adopted mechanisms that has been popularized by the government-backed BHIM app. NPCI also shared numbers for IMPS-based transactions. In October, IMPS transactions topped 88.12 million with Rs 7,501 crore in value. ALSO READ: UPI-led banking apps to sport ‘BHIM’ as a prefix to their names: Report

While incumbent payment services witnessed growth after the ban on old Rs 500 and Rs 1,000 currency notes, the adoption of UPI mechanism is seen as the driving force in the increased digitization initiative. Recently, the latest to adopt UPI was Google which launched its UPI-based Tez app for digital transactions. Other platforms to adopt UPI include Uber, Truecaller and Flipkart’s PhonePe. Currently, around 57 banks have reportedly partnered with NPCI to integrate UPI in their app-based services. RELATED: PhonePe launches Bluetooth-enabled PoS device for small merchants

Recently, Paytm, India’s most widely-used digital payments service, announced that it would soon roll out an UPI option for Paytm Payments Bank customers. Such an inclusion would make Paytm possibly the first payments bank to do so.
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