UPI payments set new record in September

New Delhi: According to the data released by the National Payments Corporation of India (NPCI), payment through the Unified Payments Interface (UPI) crossed a milestone of Rs 11 lakh crore in September, PTI reported. During the month, 678 crore transactions in volume terms were done on the UPI platform. Last month, as many as 657.9 crore transactions worth Rs 10.72 lakh crore had taken place. Payment through UPI had crossed Rs 10 lakh crore in May this year. Over 83% of all digital payments in India are made through the National Payments Corporation of India’s (NPCI) unified payments interface (UPI), according to a report by digital payments service provider Worldline. According to Worldline and NPCI’s UPI product statistics tracker, UPI transactions generated a value of 30.4 lakh crore in the quarter, an increase of 98% was seen. While there were 20.6 billion digital payments made during the quarter, 17.4 billion of the transactions, or 84%, were made using UPI, according to a report by Mint. Certainly, the majority of UPI transactions are still peer-to-peer (P2P) UPI transactions, which involve UPI-based money transfers between two individuals not registered as businesses. According to the Worldline research, 59% of all UPI transactions by volume were done between people, with the remaining transactions flowing to businesses. When the value of UPI transactions is considered, the disparity is even more evident. It is expected that payment through UPI would create another record both in terms of transaction and value in the festival month of October and November. UPI is a peer-to-peer (P2P) instant real-time payment system that enables interbank transactions. The transaction is carried out by mobile in a few simple steps. Additionally, there are currently no charges applicable for the UPI transactions so far. UPI has also been instrumental in the nation’s transition to a nearly cashless economy. With input from agencies Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.