UPI transactions cross 1 billion mark in October

"The total transactions of UPI jumped to 1.15 billion in October 2019 from 0.96 billion in September 2019," NPCI said in a release

New Delhi: National Payments Corporation of India (NPCI) on Friday said the number of transactions of Unified Payments Interface (UPI) has crossed the landmark figure of 1 billion in October.

"The total transactions of UPI jumped to 1.15 billion in October 2019 from 0.96 billion in September 2019," NPCI said in a release.

The total transaction value of UPI stood at Rs 1.91 lakh crore during the month, up from Rs 1.61 lakh crore in the previous month.

"It is encouraging to witness digital payments being widely accepted across the country. This momentous achievement is a result of the continued support that UPI has received from the ecosystem including banks and third-party payment Apps and the policy initiatives by government and RBI in the digital payments," said Dilip Asbe, MD & CEO, NPCI.

To further accelerate the adoption of digital payment, UPI has introduced enhancements such as P2PM as new transaction type and IPO application through UPI as a new use case, NCPI said.

About 5.35 billion UPI-based transactions were recorded in 2018-19 as compared to 915.2 million in 2017-18.

UPI allows users to transfer money on a real-time basis, across multiple bank accounts without revealing details of one's bank account to the other party.

The simple, safe, cost-effective mobile-based payments system has become one of the most prominent forms of digital payments, NCPI added.