UPI clocks 1.3 billion transactions in December

The number of transactions via real-time payments system Unified Payments Interface (UPI) continued to rise, clocking 1.3 billion transactions in December, National Payments Corp. of India (NPCI) data showed.

These transactions were 7% higher than in October, and 111% higher on a year-on-year basis, the data showed.

The transactions were worth ₹2.02 trillion in December compared to ₹1.89 trillion a month ago. Currently, 143 banks are live on UPI.

UPI allows users to transfer money any time, on a real-time basis, across multiple bank accounts, without revealing details of one’s bank account to the other party. The simple, hassle-free three-year old payment system is popular among the masses.

Besides, the government has been introducing steps to popularise digital payments via UPI.

For instance, businesses with more than ₹50 crore sales will have to compulsorily offer electronic payment modes such as debit cards powered by RuPay and low cost digital payments options such as UPI from 1 January 2020. Penalty for defaults will kick in from 1 February, the finance ministry said earlier this week.

“Department of Revenue (DoR) will notify RuPay and UPI as the prescribed mode of payment for undertaking digital transactions without any MDR. Accordingly, all companies with a turnover of ₹50 crore or more shall be mandated by DoR to provide the facility of payment through RuPay Debit card and UPI QR code to their customers,” the finance ministry had said.