The Unified Payments Interface (UPI) transactions have achieved a fresh milestone and have beaten last year numbers even while the economy is being ravaged by the coronavirus pandemic.
The Unified Payments Interface (UPI) transactions have achieved a fresh milestone and have beaten last year numbers even while the economy is being ravaged by the coronavirus pandemic. The total worth of transactions stood at Rs 3.29 lakh crore in September 2020. The number of transactions stood at 180 crore for the period under review, according to National Payments Corporation of India (NPCI) data released on Thursday. The transactions were higher by over 10 per cent from Rs 2.98 lakh crore in August. In terms of volume, payments saw a 12 per cent month-on-month rise in the same month.
Since its inception in 2016, the UPI payments have grown multitudes, majorly pushed by Prime Minister Narendra Modi’s demonetisation move in November 2016. The ban on Rs 500 and Rs 1,000 currency notes saw a big shift to online payments adoption and UPI was also one of the beneficiaries of the ‘notebandi’ move. “In the past few years, person-to-person and person-to-merchant money transfer have become simpler and safer due to BHIM UPI,” the NPCI said in a tweet showing the monthly data transactions.
Further, NPCI said the NETC FASTag has facilitated safe and contactless payments of tolls and parking charges amid the pandemic and also made essential travel during lockdown safe and non-stop. The NETC FASTag saw Rs 1,940.60 crore worth transactions at a volume of 11 crore, marking a visible increase since August 2020. In August, the transactions were of Rs 1,712.58 crore, at 9.68 crore in volume. The transactions in September also rose through the IMPS (Immediate Payment Service) mode of payment and stood at Rs 2.48 lakh crore from Rs 2.35 lakh crore in August. The number of transactions grew considerably from 24.61 crore in August to 27.96 crore in September.
NPCI also said that the digital inclusion across the country is being strengthened by the Aadhaar-based biometric payments, AePS with transactions worth Rs 17,351.66 crore in September.