Monday, April 6, 2020
Home Government and Policy UPI saw the highest number of transactions worth Rs 1 trillion in December 2018,...

UPI saw the highest number of transactions worth Rs 1 trillion in December 2018, reports NPCI

The digital interface had received a massive push from the government after the landmark decision of demonetization was rolled out in November 2016.

Also Read

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

The Unified Payments interface (UPI), the digital payment ecosystem which enables people to digitally send and receive money using their phones and a virtual private address, has seen tremendous growth in 2018.

The digital interface had received a massive push from the government after the landmark decision of demonetization was rolled out in November 2016.

Digital transactions using the UPI platform has consistently risen since then, especially in the last year. According to the latest National Payments Corporation of India (NPCI) report, December 2018, has witnessed a never before acceleration, achieving, around 620.17 million transactions worth Rs 1,02,594.82 crore. This is the highest number of transactions and amount recorded since the inception of UPI back in August 2016.

- article continues after ad - - article resumes -

In August 2016, the National Payments Corporation of India (NPCI) launched the UPI as a mobile-only digital payment platform for the monetary transaction using a two-factor authentication process. Users can transfer money either by using the mobile number or the virtual payment address.

In August 2016, when it was first launched, UPI saw transactions worth Rs 3.1 crores, the amount has increased to Rs 1.02 lakh crore in December 2018. The UPI platform saw transactions worth Rs 56,670 crore during the calendar year 2017, and in August 2018 alone, the amount transacted was Rs 54,212.26 crore.

In fact, the transactions through this platform have been steadily rising month after month.

Last year in June we reported how the BHIM-UPI had hit a record of 1 crore transactions in a day. In September 2018, the monthly transactions through UPI had crossed 400 million for the first time. Further, it crossed the 500 million mark for the first time in November 2018, a 9% increase in transaction volume, compared with 482.36 million transactions worth Rs 74,978.27 crore in October. And now, December has seen an 18 per cent rise in the total volumes of transactions as compared to November 2018.

Of the total UPI transactions in November, 17.35 million amounting to Rs 7,981.82 crore took place through the Bharat Interface for Money (BHIM) platform.

UPI is a payment 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.

UPI happens to be a payment method which is unique to India.

Transactions through the UPI received a major stimulus after Prime Minister Narendra Modi launched the BHIM app on December 30 2016. In fact, last year the BHIM app had gone international, after being launched by PM Modi in Singapore.

In the last year, the monthly UPI transaction volume has gone up by more than 2,000 per cent, according to NPCI data.

Till now, there have been more than 35.5 million downloads of the BHIM app on the Android platform and around 1.7 million on the iOS platform.

Interestingly, the number of banks going live on the UPI network has also increased steadily. From 21 banks in August 2016 to 68 in December 2017, until 2018, which saw as many as 129 banks going live on the UPI network.

Last year in order to make the platform more user-friendly NPCI introduced an upgraded version of UPI, the UPI 2.0. The new features, amongst other things, included an overdraft facility, enabling the customers to link their overdraft account to the UPI.

- Support OpIndia -
Support OpIndia by making a monetary contribution

Trending now

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Latest News

Powerloom in Malegaon found operational amidst coronavirus lockdown, police officials who took action face administration wrath: Report

The owner of the power-looms allegedly shares a close relationship with Malegaon MLA Mufti Mohammad Ismail of the NCP

Rajasthan: Stones pelted at a Temple in Jhunjhunu district when locals tried to light diyas, one arrested

People were attacked in Jhunjhunu, Rajasthan when they were lighting diyas and candles at the local temple by those from a different community.

Tamil Nadu: Over 100 people who had participated in burial of coronavirus patient put under quarantine, hospital denies negligence charges

A family member claimed, “We were neither informed that he was a suspected Coronavirus patient nor that his samples were drawn for testing.

Pune: 40 doctors quarantined after Tablighi Jamaati hides he went to Nizamuddin but tests positive when being treated for accident

The patient who tested positive for COVID-19 had hidden the history of his travel to the event organised by Tablighi Jamaat in Nizamuddin at the time of his admission

Naamdar chor hai: Rahul Gandhi steals cartoon, crops out watermark and denies credit to a startup

Former Congress President who ran the 2019 general election campaign on 'Chowkidar Chor Hai' slogan on Sunday ended up stealing a cartoon from a startup which makes quirky cartoons on news.

Lucknow: Healthcare workers attacked, abused in Kasaibara area where several COVID-19 positive patients were found hiding in a Mosque

The health workers have complained that the mob even tried to tear their survey reports. Reports say that the attack came from a locality near the Mosque where the covid-19 patients were found.

Recently Popular

Nizamuddin Markaz of Tablighi Jamaat, hotspot of Wuhan Coronavirus, set to be demolished: Reports

Only two floors of the Nizamuddin Markaz are authorised, therefore the rest 7 floors may be demolished

Cricketer Mohammad Kaif gets attacked by Islamists for lighting lamp on 5th April in solidarity for fight against coronavirus

Islamists on social media weren't too happy with cricketer Mohammad Kaif for lighting lamp to thank healthcare workers, urged him to offer namaz instead.

30-year-old man shot dead in Prayagraj over remarks on Tablighi Jamaat’s role in spreading coronavirus, accused Md Sona nabbed

Mohammad Sona shot Lotan Nishad dead because Nishad had accused the Tablighi Jamaat members of spreading coronavirus in the country

Rajasthan Muslim woman, who was referred to another hospital, was 7th time pregnant with complicated anaemia case

Congress MLA in Rajasthan took to social media to inform that a Muslim pregnant woman in Bharatpur was refused admission because of her religion.

145 Hindus test Coronavirus positive after visiting​ Vaishno Devi: Islamist Ali Sohrab, who was once arrested, spreads fake news again

Fake news peddler Ali Sohrab was in November last year arrested by UP Police over his provocative tweets on Supreme Court judgement of Ram Janmabhoomi verdict

Subscribe to our newsletter

Each morning, get an email to keep updated with all the news, opinions and analysis published by OpIndia.

Connect with us

217,647FansLike
274,275FollowersFollow
213,000SubscribersSubscribe
Advertisements