Mobile banking transactions have been on the rise: Survey

The Reserve Bank of India launched the Unified Payment Interface (UPI) this month -- a move which will soon make money transfers as simple as sending a text message. The banking regulator seems to be getting all the help it needs from smartphone users, who according to a report, are estimated to rise to 650 million in 2020 from 150-200 million. But the most heartening trend is the value of mobile transactions that have skyrocketed to Rs 1,03,500 crore in 2014-15 from a mere Rs 6,000 crore only three years before.