The year 2017 proved fruitful for UPI (Unified Payment Interface) -- the mobile-only digital payment mechanism of National Payment Corporation of India (NPCI) -- with the number of transactions witnessing a steady growth every month.
The number of monthly transactions stood at 14.5 crore in December 2017.
The latest data released by the official Twitter handle of BHIM (Bharat Interface for Money) shows that around ₹13,174 crore was transacted in 14.5 crore transactions on UPI platform during December.
This was around ₹9,669 crore in 10.50 crore transactions during November. Around ₹7057 crore was transacted in 7.69 crore transactions on UPI platform in October.
UPI went live on August 25, 2016. It offers seamless transaction of money on smartphone — just like sending an e-mail — with two-factor authentication.
Cashless transaction have now become simpler and convenient thanks to BHIM UPI. #DigitalIndia#InstantPayments#HighOnUPI@dilipasbepic.twitter.com/DNHPKjc4pz
— BHIM (@NPCI_BHIM) January 1, 2018