Mumbai: Digital transaction is gaining rapid momentum in the country. According to data released by the National Payments Corporation of India (NPCI), Unified Payments Interface (UPI) transactions touched a record high for the platform since its inception in October. The overall UPI transactions in October has crossed 7 billion.
As per the data, in October, UPI processed 7.3 billion transactions, worth Rs 12.11 trillion. This is a record high in terms of value of transactions. On a year-on-year basis, volume of transactions in October was up 73%, while the value of transactions was up 57%.
Also Read; Commodity Market: Gold price shoots up
UPI was launched in the country in 11 April 2016. UPI is a fund transfer system that enables real-time movement of funds. It is both a funds transfer as well as a merchant payment system.
UPI crossed 1 billion transactions in October 2019. In October 2020, UPI processed more than 2 billion transactions. In the next ten months, UPI topped 3 billion transactions a month.
Post Your Comments