Incidentally, the value of money that changed hands in 243.37 million UPI transactions in June — totalling Rs 40,834.03 crore — was also the highest in its history
Transactions through the Unified Payments Interface (UPI) hit a new milestone in June, with the number of transactions on the platform breaching the 200-million mark for the first time since its inception.
Incidentally, the value of money that changed hands in 243.37 million UPI transactions in June — totalling Rs 40,834.03 crore — was also the highest in its history.
The number of transactions in June represent a 30.02-percent increase over that in May, and a 2,280-percent increase over the year-ago period. The highest volume of transactions on a single day was on June 20, when more than 10 million transactions were clocked.
The National Payments Corporation of India (NPCI) data for June also reveals that cashless transactions to the tune of Rs 1.01 lakh crore was processed using UPI in the first quarter of 2018-19. It had taken 20 months to reach the first Rs 1 lakh-crore worth of transactions.
The digital payment ecosystem that was designed by the NPCI was formally launched in August 2016 with 21 partner banks. As of today, 110 banks have enrolled with the NPCI for access to UPI. Payments made using the money-transfer platform are secured using two-factor authentication.
A contributing factor to the initial rise in popularity of UPI is the BHIM app — NPCI’s own mobile app that leverages the UPI platform. The number of app downloads on Android and iOS stand at 29 million and 1.4 million respectively.Prime Minister Narendra Modi launched the BHIM app on December 30, 2016, in the aftermath of demonetisation. However, the value of transactions on the BHIM app has waned with other private players using UPI, such as Google Tez, Mobikwik, Paytm and PhonePe, stealing a march on the NPCI's in-house application. Digital payments' traffic through the BHIM app accounts for only 8.8 percent of the total transactions made through UPI.