11 million UPI, USSD transactions worth Rs 3411 crore recorded in July: NPCI

By: |
Mumbai | Updated: August 4, 2017 4:36:10 PM

The Unified Payments Interface (UPI), together with the USSD (Unstructured Supplementary Service Data) channel, clocked 11.63 million transactions worth Rs 3,411.35 crore in July, the National Payments Corporation of India (NPCI) said in a statement.

The UPI was launched in August 2016 with 21 banks, and is currently being offered by 52 banks. Of the total UPI transaction volume, more than 22% are merchant-based, the NPCI said. (Image: Reuters)

The Unified Payments Interface (UPI), together with the USSD (Unstructured Supplementary Service Data) channel, clocked 11.63 million transactions worth Rs 3,411.35 crore in July, the National Payments Corporation of India (NPCI) said in a statement. The two payment channels, which allow instant money transfer from one bank account to another, had clocked 10.35 million transactions worth Rs 3,098.36 crore in June and 9.36 million transactions worth Rs 2,797 crore in May. The UPI was launched in August 2016 with 21 banks, and is currently being offered by 52 banks. Of the total UPI transaction volume, more than 22% are merchant-based, the NPCI said. Recently, a number of internet companies, such as WhatsApp and Google India, have shown interest in enabling UPI payments through their platforms. Last month, AP Hota, managing director and chief executive officer of NPCI, had told FE that e-commerce player Amazon India is expected to join the UPI ecosystem.

“The development is on, but they (Amazon) have not announced the date as yet. Once they come in, UPI acceptance would increase,” he had said. In order to further push the UPI usage, the NPCI plans to reduce the charges that banks pay it for Immediate Payment Service (IMPS) for transactions of less than Rs 1,000 to 25 paise from 50 paise. This is subject to banks waiving interchange on such transactions.

“The idea is to make all such transactions free,” Hota said. The UPI channel rides on the IMPS infrastructure. At present, UPI or USSD transactions themselves do not attract any charges. In July, State Bank of India waived charges on all money transfers of less than Rs 1,000 made through the IMPS channel. Earlier, any IMPS transfer of up to Rs 1 lakh out of an SBI bank account used to attract charge of Rs 5, in addition to the service tax.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition