UPI Breaks Two Billion Undertaking Marks In October

UPI breached 2 billion proceedings

The COVID-19 pandemic has suddenly surged the acceptance of digital funds amongst the first-time users to a great extent and that has contributed to a great extent.

The National Payment Corporation of India (NPCI) operates all the digital funds channels functioning in the country. It processed a complete of 2.07 billion transactions worth Rs 3.86 lakh crore in the month of October confirmed by NPCI on Sunday.

A huge gain on online purchasing, penetrated by the festive season grossed sales in a moderate restoration of the buyer economic systems which led to the discharge in volumes. UPI has emerged as the frequently used retail payment gateways in the country. According to the Reserve Bank of India UPI have processed higher volumes than debit and credit cards put together. A few months before demonetization UPI went live in April 2016. The channel clocked its first billion transactions per month in November 2019. UPI is a real time instant payment system which aids interbank payments with over 174 banks live in the channel.

All payments in the UPI are simplified by third party payment and app service providers namely Google Pay, PhonePe and Paytm. These apps provide a front end interface for users.

NCPI has expressed its aspirations to export the UPI to the global markets in Singapore, UAE and Myanmar since last year.

UPI channels have recorded 1.8 billion transactions in September and 1.6 billion transactions in August. In the meantime other channels operated by NPCI too recorded a surge in volumes in October, said the data collected. This indicated not only a growing tendency towards digital pay modes but a slow recovery in spending trends.

IMPS facility used for high value bank to bank transfers closed at 319 million transactions worth Rs 2.74 lakh crore in October, from 279 million transactions worth Rs 2.48 lakh crore in September. Aadhar enabled Payment system enables digital transactions originally rising from rural India processed Rs 18,603 crore worth withdrawals and payments,with 150 Million transactions in October showed the data.