HomeNews77 Million Transactions Clocked via UPI in October

77 Million Transactions Clocked via UPI in October

The total value too jumped about 20% over the previous month to ₹7,057 crore

Unified Payments Interface, the Reserve Bank of India promoted instant payment mechanism has shown a more than 100% growth for the month of October against September of this year.

Transactions more than doubled in October to 77 million from 30.8 million in September, data released by the National Payments Corporation of India showed. The total value too jumped about 20 percent over the previous month to ₹7,057 crore.

Unified Payments Interface (UPI) is an instant real-time payment system developed by NPCI facilitating inter-bank transactions. The interface is regulated by the Reserve Bank of India and works by instantly transferring funds between two bank accounts on a mobile platform. Even the government launched its own application BHIM (Bharat Interface for Money) to work on the UPI platform which got widespread promotion

Google launched Tez in September, joining a crowded market, as part of its strategy to build a billion new users. Many other parties like Flipkart, Amazon and Banks have integrated UPI payments system for all it’s users further giving push to the newly established protocol.
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