National Payments Corporation of India (NPCI), the umbrella organisation for all retail payment systems in the country, noted 145.46 million transactions on its digital Unified Payments Interface (UPI) in December, 2017 from just 4.15 million in January in the same year.
During the period under review, the value of transaction also increased to Rs 13,144 crore from just Rs 1,568 crore in January 2017, an NPCI official was quoted as saying by PTI.
Only 11.44 million transactions were reported on UPI In the month of July.
“After growing 100 percent month-on-month in September and October, growth eased to a shade under 40 percent in transactions in November and December 2017,”added the official.
On the otherhand, NPCI-managed UPI app Bharat Interface for Money (BHIM) noted only 9 million transactions. Bharat Interface for Money (BHIM) is a smart mobile phone based app based on Unified Payments Interface UPI allows simple, easy and quick payment transactions using UPI.
NPCI’s UPI platform to offer direct digital payments from accounts without sharing bank details is being used by banks and financial institutions.