NPCI hits 1 billion transaction volume in July
New Delhi: Monthly electronic transaction volumes crossed the 1 billion mark in July, National Payments Corp. of India (NPCI) said in a statement on Friday.
The 1 billion transactions comprise all types of payments handled by NPCI—ATM clearing to Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), RuPay, point-of-sale (PoS), e-commerce and also Aadhaar-based payments. NPCI operates 12 payment systems.
“Highest growth has been seen in the mobile payments and Aadhaar-based payments. This change was achieved by way of adding new products to NPCI’s portfolio and widening the membership of all products. The next logical target can be a billion transactions a day may be in three years,” said A.P. Hota, managing director and chief executive officer, NPCI.
On Wednesday, NPCI said in a statement that the transactions using UPI alone rose by over 10% to 11.63 million in July from 10.35 million in the previous month.
UPI is a payment system launched by NPCI which facilitates instant fund transfer between two bank accounts on the mobile platform.
The 8 November demonetisation of high-value banknotes led to a proliferation of cashless transactions.
“It gives us a great deal of satisfaction that NPCI has truly emerged as the powerhouse of all financial transactions in India. It is a great achievement to join the leagues of reputed payment institutions which process billions of transactions every month globally,” Hota said.
NPCI started its services in January 2010 with monthly transaction volume of about 50 million. In a time span of over seven years, transaction volumes have grown approximately 20 times, added the statement.