UPI reaches a milestone, records 10 million transactions in a single day

Representative Image

National Payments Corporation of India (NPCI) has recorded over 10 million United Payments Interface (UPI) transactions in a single day. NPCI reached the milestone within two years of commencing operations.

The official Twitter handle for Bharat Interface for Money (BHIM) tweeted, ‘Proud to share that we hit 10 Million UPI transactions in a single day. #InstantPayments #10Million #DigitalIndia #HighOnUPI @dilipasbe.’

The growth of digital transactions has been phenomenal, especially in the last year. In June 2017, the total number of UPI transactions throughout the month was 10 million, and in June 2018 the number was achieved in a single day alone.

When Prime Minister, Narendra Modi launched the BHIM app in December 2016, the UPI interface received a major shot in the arm. The UPI was launched in August 2016 with 21 participating banks and today around 101 banks offer the service.

On Thursday, the secretary of the department of financial services, Rajeev Kumar tweeted, ‘#NewIndia embracing digitisation wholeheartedly. UPI transaction hits the milestone of 10M/day. Steady increase from 169 M (Dec17) to 236 M (May18). An increase of 40% in 6 months. @digitalindia @pmoindia @finminindia’.

Many people congratulated the government on reaching the milestone and taking India ahead on the path of digitisation. One of the users tweeted, ‘Make all government services payable through BHIM and rest will follow. Need at least 100 million or more transactions a day to be less cash economy!’