With 1.15 billion transactions worth Rs 1.9 lakh crore in Oct, UPI grows further

 National Payments Corporation of India (NPCI) stated on Friday that the number of transactions of Unified Payments Interface (UPI) has crossed the 1 billion figure in the month of October 2019.

The total transactions of UPI spiked up to 1.15 billion in October 2019 from 0.96 billion in September 2019. The total transaction value of UPI stood at Rs1.91 lakh crore in October 2019 compared to Rs 1.61 lakh crore in September 2019.

“It is encouraging to witness digital payments being widely accepted across the country. This momentous achievement is a result of the continued support that UPI has received from the ecosystem including banks and Third-Party Payment Apps and the policy initiatives by government and RBI in the digital payments,” said Dilip Asbe, MD & CEO, NPCI.

“Our focus will always remain on enhancing acceptance infrastructure for digital payments so as to encourage customers towards digital transactions to achieve RBI and government's less cash objective and facilitate faster adoption of UPI,” he added.

UPI, an instant real-time payment system, allows the user to transfer money across multiple bank accounts without revealing details of one’s bank account to the other party. It has become one of the most important forms of digital payments in India. 

National Payments Corporation of India (NPCI) was developed in 2008 as an umbrella organization for operating retail payments and settlement systems in India.