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India’s Homegrown Payments Platform UPI Hits A New Milestone, Clocks 2 Billion Transactions In October 2020
The Unified Payments Interface (UPI) channel has been reported to have grown the fastest among all modes of retail digital payments
Just within four years of its launch, transactions using India's own domestic payments platform-Unified Payments Interface (UPI)-hit a landmark of two billion in Oct 2020.
According to data made available by National Payments Corporation of India (NPCI), which operates the UPI platform, UPI registered 2.07 billion transactions worth Rs 3,86,106 crore in October.
The payment platform had recorded 1.8 billion transactions worth ₹3.29 lakh crore in September, official data showed.
The number of UPI transaction touched one billion mark in October 2019.
The payment platform, has witnessed growth in volume every month since its launch barring the April-May period this during nationwide lockdown imposed to controll the spread of novel coronavirus.
UPI platform, which was launched days before demonetisation in 2016, enables users to send money from their account to any account without entering bank details by using an email-like handle or scanning a QR code.
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