Digital Payments Made Through UPI See Massive Jump in India

Wednesday, April 12, 2017

Digital payments through the Unified Payments Interface (UPI), the mobile-based national payment system, continue to surge even after the end of demonetisation-induced cash shortage, latest data from Reserve Bank of India shows.

UPI-based transactions jumped almost 20% to Rs 2,000 crore in March, up from Rs 1,660 crore in January. The figures boost Prime Minister Narendra Modi’s agenda of ending black money through digital payments and the penetration of formal finance in the hinterrland of the country.

“We already have 44 banks on UPI, of which 35 have their own applications available on the (Google) Play Store; BHIM is seeing around 80,000 transactions per day; and we are registering almost 2 lakh transactions on the entire UPI railroad,” said AP Hota, managing director at National Payments Corporation of India, the body that runs the UPI platform and BHIM app.

Source: The Economic Times (link opens in a new window)

digital payments, financial inclusion, fintech