Thursday, October 29, 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.

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.

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 Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

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

Related Articles

Trending now

Former PM of Malaysia goes from talking about women’s ‘secret place’ to inciting genocide for insulting Islam in single tweet thread: Read details

Mahathir Mohamad justified the attacks on French people by Islamist terrorist saying that mere boycott could not compensate the wrongs of France.

‘We are proud’: Terroristan admits hand in Pulwama attack, minister claims victory of people under leadership of Imran ‘Taliban’ Khan

"Humne Hindustan ko ghus ke maara", Pakistani minister Fawad Chaudhry described how Pakistan orchestrated Pulwama terror attack

After Nice, another Islamic terrorist shouting Allahu Akbar attacks France’s Avignon, guard at French embassy in Jeddah attacked too

Three attacks have been reported in a single day, Mayor of Nice in France asks people to unit against "Islamofascisim terrorist attack"

Mumbai police intensifies witch-hunt, now wants details that would give him almost unfettered access to the Republic TV newsroom: Read details

Mumbai police have demanded access to the newsroom of the channel including the contact details, addresses and login IDs of journalists.

Witch-hunt continues: Parambir Singh sues Goa Chronicle and RVS Mani, wants to know if portal made money by publishing interview ‘defaming him’

RV Subramani had said in Goa Chronicle that a corporate house was behind appointment of Param Bir SIngh as Mumbai police commissioner

Why is Europe locking down instead of copying globally famous Kerala model?

The state of Kerala, under the visionary leadership of health minister Shailaja “Teacher” has a solution to Covid-19. Why wouldn’t the world just copy the Kerala model?

Recently Popular

Chinese state-run channel shows the portrait of Prophet Muhammad, netizens ask if Muslim nations will boycott China

Arslan Hidayat, an Uyghur Rights Activist, took to Twitter shared a video of a Chinese TV series on Twitter in which it was depicted that an Arab ambassador visiting China during the rule of Tang dynasty gifts a portrait of the Prophet Muhammad to the Chinese emperor.

Charlie Hebdo mocks Turkish President Recep Erdogan in its latest cartoons, shows him lifting a skirt of woman wearing ‘hijab’

The front-page caricature of Wednesday's edition of Charlie Hebdo that was released online on Tuesday night depicts Erdogan in a white T-shirt and underpants, drinking a can of beer and lifting up the skirt of a woman wearing a hijab to reveal her naked bottom.

Watch: Pro-India accounts disrupt Pakistan’s anti-India online meeting on Zoom, play pro-Hindu and Indian nationalistic songs

Indic social media users caused embarrassment to Pakistani authorities and diplomats after they raided their online event on zoom

‘Modi, Modi’ slogans inside Pakistan National Assembly: Here is what happened

The name of PM Modi echoed on Monday as members of Pakistan's opposition members chanted 'Modi, Modi' slogans inside Pakistan National assembly

Nikita Tomar murder: Taufeeq was pressurising her to embrace Islam family alleges

On Monday, 21-year-old Nikita Tomar was shot to death in broad daylight outside the Aggarwal college in Ballabgarh, Faridabad

Nikita Tomar murder: Main accused Tauseef belongs to a family of influential Congress politicians from Nuh in Haryana

The prime accused Tauseef's grandfather, uncles and cousin brothers are all infuential Congress politicians from Haryana's Nuh
- Advertisement -

Former PM of Malaysia goes from talking about women’s ‘secret place’ to inciting genocide for insulting Islam in single tweet thread: Read details

Mahathir Mohamad justified the attacks on French people by Islamist terrorist saying that mere boycott could not compensate the wrongs of France.

AajTak, Zee News and others apologise after NBSA pulls up the channels for spreading fake news on Sushant Singh Rajput’s death

AajTak, Zee News and India TV air apology for its insensitive and sensationalised reporting of actor Sushant Singh Rajput’s death

India objects to Saudi Arabia over distorted map of India on new 20 Riyal banknote, asks to take urgent corrective steps

India registered objection over a distorted map showing Jammu and Kashmir separated from India in newly released 20 Riyal banknote

While Uddhav Thackeray govt stalled a development project to ‘save Aarey’, Shiv Sena-led BMC has now been fined for letting untreated sewage into the...

NGT has slapped Shiv Sena-led Brihanmumbai Municipal Corporation (BMC) a fine Rs 34 crore for letting untreated sewage into water

‘We are proud’: Terroristan admits hand in Pulwama attack, minister claims victory of people under leadership of Imran ‘Taliban’ Khan

"Humne Hindustan ko ghus ke maara", Pakistani minister Fawad Chaudhry described how Pakistan orchestrated Pulwama terror attack

After Nice, another Islamic terrorist shouting Allahu Akbar attacks France’s Avignon, guard at French embassy in Jeddah attacked too

Three attacks have been reported in a single day, Mayor of Nice in France asks people to unit against "Islamofascisim terrorist attack"

Mumbai police intensifies witch-hunt, now wants details that would give him almost unfettered access to the Republic TV newsroom: Read details

Mumbai police have demanded access to the newsroom of the channel including the contact details, addresses and login IDs of journalists.

Witch-hunt continues: Parambir Singh sues Goa Chronicle and RVS Mani, wants to know if portal made money by publishing interview ‘defaming him’

RV Subramani had said in Goa Chronicle that a corporate house was behind appointment of Param Bir SIngh as Mumbai police commissioner

Blast in firecrackers factory running illegally in his house leaves Congress leader Asim Khan dead: Reports

The police have not confirmed the reason of the blast as yet, however, locals suspect that an illegal firecracker factory was being run in Asim Khan.

Why is Europe locking down instead of copying globally famous Kerala model?

The state of Kerala, under the visionary leadership of health minister Shailaja “Teacher” has a solution to Covid-19. Why wouldn’t the world just copy the Kerala model?

Connect with us

245,563FansLike
471,039FollowersFollow
19,500SubscribersSubscribe