Unified Payment Interface by the National Payment Corporation of India has achieved new records in volume and amount of transactions. This most comprehensive and real-time payment system facilitating inter-bank transactions was introduced by NPCI in April 2016. According to NPCI statistics, the UPI has crossed over 178 million transactions till date.
The UPI recorded 76.7 million transactions in the month of October which is more than double the volume of transactions in the month of September. A tweet by NPCI earlier this week revealed this feat which also indicated the value of Rs 7,057 crore.
UPI Product Statistics Post Demonetization
|Month||No. of Banks live on UPI||Volume||Amount (Rs. in Mn)|
If you clearly observe the NPCI statistics, the UPI transactions showed a tremendous growth post demonetization ie November 2016. The promotion of UPI started by Yes Bank and PhonePe launching the India’s first UPI based mobile payment app. This was followed by Bharat Interface for Money (BHIM), the official UPI app from NPCI. Currently, over 60 Banks are live on UPI which works mostly as PSP and issuer. Google’s UPI app, Tez did create a steep increase in UPI transactions accounting over 30 million transactions in October 2017. Recently, Paytm also implemented BHIM UPI into their app via Paytm Payments Bank.
Most of these apps promoted UPI with a rewarding experience and hence are attracting new users every day. Currently banks aren’t charging for BHIM UPI transactions, however, there are some restrictions on the amount of transaction. As per NPCI guideline, a user can send up to Rs 1 Lakh in 20 transactions per day and there is no receiving limit. This new system is yet to improve as the failure rate for a transaction is more via UPI. Hope you enjoyed the article, Peace!