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India Soars Higher In Digital Payments: UPI Records 2.23 Billion Transactions, Worth Rs 4.16 Lakh Crore In December 2020
Digital payments app BHIM. (Saumya Khandelwal/Hindustan Times via Getty Images)
Digital payments in India continued to witness growth in December with transactions on the Unified Payments Interface (UPI) breaching the ₹4-lakh crore mark in terms of value.
According to data made available by the National Payments Corporation of India, the transactions on the UPI platform amounted to ₹4,16,176.21 crore in December with a total of 223.41 crore payments processed.
In November, UPI had recorded 2.21 billion transactions worth Rs 3,90,999 crore.
Launched in 2016, the UPI crossed one billion transactions for the first time in October 2019. While it took UPI three years to reach a billion transactions in a month, the next billion came in just a year.
Transactions on the Immediate Payment Service (IMPS) rose to 35.56 crore amounting to ₹2.92-lakh crore in December.
IMPS recorded 355.69 million transactions in December, worth Rs 2.92 trillion, an all-time high, up 38.68 per cent in volume terms year-on-year and 38.58 per cent in value terms.
Bharat Bill Payment System (BBPS) recorded 26.22 million transactions in December, worth Rs 3,962.76 crore.
FASTag, an electronic toll collection system in India, operated by the National Highway Authority of India. also registered record high payments with 13.84 crore transactions worth ₹2,303.79 crore in December. Transactions on NETC FASTag had amounted to 12.48 crore worth ₹2,102.02 crore in November.
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