New Delhi: Through Unified Payments Interface (UPI) India monthly transactions cross 300 million marks. Digital Payment will soon be the norm in the country said Finance Ministry. After the immense response, the National Payments Corporation of India (NPCI) said that UPI, the digital bank to bank payment was launched in 2016. The payment system on mobile registered 312.02 million transactions in August, up 32 percent from 235.65 million transactions in July.”
In the monthly update the UPI mentioned that in terms of transaction value, the money transferred through India’s flagship went up 18 percent to Rs 54,212.26 crore in August. It also said that the data do not include transactions with debit and credit in the same account for the month of August.
As per Tweet of Economic Affairs Secretary Subhash Chandra Garg “Digitalisation of payments in India in India is marching ahead with gusto. With the base of 100 million Indians connected with digital payments ecosystem rising at a fast clip, India will soon be a digital payment society.”
On the Other end, Financial Services Secretary Rajeev Kumar Tweet “ Digital India making deep inroads into consumer behavior. BHIM UPI shows Txn increasing user adoption month on month. Aug 18 Txn count/ value up by 32.7% & 18% over July 18. He also said in a statement that the bounce in digital transactions reflects changing consumers behavior and wider adoption of the technology in society.
The data of NPCI revealed that the increasing number of banks attached to UPI has gone up from 55 in August 2017 to 114 in August 2018. It also added that the volume of transactions shot up 19 times from 16.6 million in August 2047.