UPI (Unified Payment Interface) ecosystem of digital payment has completed 18 months now. The mobile-only digital payment system helped generate more than 58 crore of transactions involving an amount of around ₹73,132 crore in the last 18 months.
Launched by the National Payments Corporation of India (NPCI) in August 2016, the number of transactions under UPI stood at 15.18 crore in January involving an amount of ₹15,571.2 crore.
Interestingly a major chunk of the total transactions — around 40 crore transactions — took place during November-January of 2017-18. UPI witnessed transactions of 14.54 crore and 10.48 crore in December and November, respectively.
Of the ₹73,132 crore transacted on the UPI platform in the last 18 months, around ₹38,356 crore was transacted in the last three months alone. While December witnessed transactions to the tune of ₹13,144.3 crore, November saw transactions worth ₹9,640.6 crore on UPI.
When UPI was launched in August 2016, as many as 21 banks went live on this platform. Now there is more than three-fold increase in the number of banks live on UPI.
After demonetisation of specified bank notes in November 2016, NPCI came out with its own mobile app on UPI platform —BHIM (Bharat Interface for Money) — in December 2016. The number of transactions on BHIM was at 95.7 lakh in January this year involving an amount of ₹3,647.19 crore.
The 14 months of BHIM’s existence has helped generate more than 7.22 crore transactions involving an amount of ₹22,972 crore.