New Delhi: Monthly transactions through the unified payments interface (UPI) crossed the 200 million mark for the first time in June, show data released on Monday by the National Payments Corporation of India.
Under the UPI, 246.37 million transactions amounting to Rs40,834.03 crore were carried out during the month, which is an increase of 30% in transaction volume compared to the 189.5 million transactions worth Rs33,289 crore in May.
The highest volume of transactions recorded on a single day was recorded on 20 June with more than 10 million transactions on the platform.
Of the total UPI transactions recorded in June, 16.3 million transactions amounting to Rs6,261.3 crore took place through the Bharat Interface for Money (BHIM) platform.
UPI is a payments system launched by the NPCI, the umbrella organisation for all retail payments in the country, which facilitates instant fund transfer between two bank accounts on a mobile platform, without requiring any detail of the beneficiary’s bank account.
Till now, there have been more than 29 million downloads of the BHIM app on the Android platform and around 1.47 million downloads on the iOS platform.
Transactions through the UPI received a major stimulus after Prime Minister Narendra Modi launched the BHIM app on 30 December 2016.
In the last one year, the monthly UPI transaction volume has risen around 2,000%, NPCI data showed. “Many of our large merchants have migrated to UPI over the last few months and these numbers clearly reflect that. UPI is the payment instrument of the future and with the rapidly evolving industry and inclusion of new players, we are likely to see UPI charting much stronger growth," said Harshil Mathur, CEO and co-founder, RazorPay.
UPI was launched in August 2016 with 21 banks and is now offered by about 110 banks.