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The number of transactions on the Unified Payment Interface (UPI), the mobile-only digital payment mechanism from the National Payments Corporation of India (NPCI), has grown substantially in a span of three months, with November seeing more than 10 crore transactions.
The platform had seen around 1.66 crore transactions in August. That went up to three crore in September, and to 7.67 crore in October.
UPI, which went live with 21 banks on August 25, 2016, offers seamless money transactions over smartphones — just like sending an e-mail — with two-factor authentication.
The latest data released by NPCI show that around ₹9,679 crore was transacted via 10.50 crore transactions on the UPI platform during November.
Though the share of the Bharat Interface for Money (BHIM) platform in the total number of transactions stood at around 8 per cent, the amount transacted on BHIM constituted almost 26 per cent of the total amount transacted on the UPI platform.
The number of transactions on BHIM stood at 82.13 lakh in November against 76.32 lakh in October. The amount transacted on BHIM stood at ₹2,553 crore in November against ₹2,348 crore in October.
After demonetisation in November 2016, NPCI had come out with its own mobile app on the UPI platform — BHIM — in December 2016.
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