Money & Banking

UPI’s second tranche of ₹1-lakh-cr deals done in just 3 months against 20 for first

AJ Vinayak Mangaluru | Updated on July 03, 2018 Published on July 02, 2018

From ₹3.1 crore in Aug 2016, it has hit ₹40,834 cr in June 2018

National Payment Corporation of India’s (NPCI’s) Unified Payment Interface (UPI) saw cashless transactions of ₹1.01-lakh crore during the first quarter of 2018-19. To hit the first ₹1-lakh-crore mark, it had taken almost 20 months.

UPI, which is a mobile-only digital payment ecosystem, was launched in August 2016. This ecosystem offers seamless movement of money using a two-factor authentication process. People can transfer money using either the mobile number or the virtual payment address.

 

 

Around ₹2.17-lakh crore has been transacted on the UPI ecosystem since its launch in August 2016. The first cumulative transaction amount of ₹1-lakh crore was crossed in March 2018 — around ₹1.16-lakh crore was handled from August 2016 to March 2018. The next ₹1.01-lakh crore was done between April and June of 2018.

UPI handled cashless transactions worth ₹40,834 crore in June 2018 alone against a mere ₹3.1 crore in August 2016.

Previous high

The total volume of transactions (the number of transactions) on UPI stood at 155 crore from August 2016 to June 2018.

It had touched 26.43 crore in June alone, surpassing the previous high of 19 crore transactions in April 2018.

NPCI’s own mobile app on UPI platform — Bharat Interface for Money (BHIM) — had the major share of transaction in the UPI ecosystem in the initial months.

Now, major technology companies and financial technology start-ups are also using the UPI ecosystem for cashless transactions on their mobile apps. Many banks have their own UPI apps, too.

BHIM app

BHIM was launched in December 2016 after the note ban in November that year.

Of the ₹2.17-lakh crore transacted on the UPI since its launch, the amount transacted via BHIM stands at ₹48,805 crore.

And, of the total volume of 155 crore UPI transactions, BHIM’s share is 13.72 crore.

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Published on July 02, 2018
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