NPCI announces that UPI saw an 10% increase in volume of transactions in the month of July

The National Payments Corporation of India  (NPCI) has announced a ten percent increase in the number of people using the Unified Payment Interface (UPI) for cashless electronic transactions in just the month of July.

A P Hota, CEO of National Payments Corp of India (NPCI). Reuters

A P Hota, CEO of National Payments Corp of India (NPCI). Reuters

The total number of UPI transactions in the month stood at 11.63 million. The figure covers UPI transactions through the Bharat Interface for Money (BHIM) app as well as the USSD 2.0 based National Unified USSD Platform (NUUP) that allows users of any mobile device to initiate transactions by dialing *99#.

The NPCI also released data on the volume and value of the transactions for the last three months. There were 9.36 million transactions in May with a total value of Rs 2,797 crore and 10.35 million transactions in June with a total value of Rs 3,098 crore. The 11.63 million transactions in July, which was the first time that the volume of transactions crossed the 10 million mark, was worth a total Rs 3,411 crore.

AP Hota, the managing director and chief executive officer of NPCI said, "UPI is gradually becoming the preferred payment option for person-to-person payments due to its simplicity. Its merchant base is also growing at a rapid pace month on month for enabling wider acceptance."

In May, the NPCI had announced that over 50 banks across the country were offering UPI based payment services.

Updated Date: Aug 03, 2017 14:26 PM