UPI transactions cross 11 million mark in July, says NPCI
New Delhi: Transaction volumes of Unified Payments Interface (UPI) rose by over 10% to 11.63 million in July, National Payments Corp. of India (NPCI) said in a statement on Wednesday.
UPI is a payment system launched by NPCI which facilitates instant fund transfer between two bank accounts on the mobile platform.
“UPI is gradually becoming the preferred payment option for person-to-person payments due to its simplicity. Its merchant base is also growing at a rapid pace month on month for enabling wider acceptance,” said A. P. Hota, managing director and chief executive of NPCI.
UPI volumes (UPI, BHIM and USSD 2.0-*99#) during the last three months were 9.36 million, 10.35 million and 11.63 million while the value stood at Rs. 2,797.07 crore, Rs. 3,098.36 crore, Rs. 3,411.35 crore in May, June and July 2017 respectively, said the statement.
USSD is unstructured supplementary service data or *99# service. It gives one access to one’s bank account and helps perform some transactions by connecting to both the telecom operator and the bank server. It can be used to make offline UPI transactions.
Bharat Interface for Money (BHIM) app was launched on 30 December by Prime Minister Narendra Modi as one of several measures aimed at promoting digital transactions after the 8 November demonetisation exercise, which triggered a nationwide cash crunch. The next version of BHIM App with enhanced functionalities is expected to be launched soon.
UPI was launched in August 2016 with 21 banks and it is currently being offered by 52 banks. Out of the total UPI transaction volume, over 22% are merchant-based, added the statement.