BHIM UPI has recorded more than 100% growth in October 2017 over that of September 2017. As per data shown by the National Payments Corporation of India (NPCI), the umbrella organisation for all retail payments systems in the country, BHIM UPI has recorded 76.96 million transactions in October as against 30.98 million transactions recorded in September this year. In value terms, this is Rs 7,057 crore in October as against Rs 5,325 crore recorded in the previous month. The figures for August were 16.80 mn transactions and Rs 4,156 crore, respectively.
Buoyed by this growth in UPI, NCPI tweeted, “BHIM UPI is witnessing immense growth, come be a part of this digital revolution.”
Similarly, IMPS (Immediate Payment Service) also recorded a good growth in October over the growth shown in September. IMPS recorded 88.12 million transactions in October as against 82.85 mn transactions in September and 75.66 mn transactions in August 2017. In value terms, this was Rs 75,041 crore in October as against Rs 71,759 cr in September and Rs 65,149 crore in August.
It may be noted that NPCI, which had started its services in January 2010 with monthly transaction volume of about 50 million, had achieved the landmark volume of 1 billion transactions in July 2017 itself. The 1 billion transactions pertain to all types of payments handled by NPCI, from cheque clearing and ATM clearing to IMPS, UPI, BHIM, RuPay, POS, Ecommerce and also Aadhaar-based payments.