Insta
UPI Transactions Cross 5 Billion Mark In 2018-19; Now More Popular Than Debit Card Payments
UPI App BHIM. (Saumya Khandelwal/Hindustan Times via Getty Images)
According to the recently released annual report of the Reserve Bank of India, the number of transactions which were made through the Unified Payments Interface (UPI) in 2018-19, exceeded the number of payments made on debit cards during the same period, reports Mint.
UPI transactions, at 5.35 billion, were approximately 1.2 times more in number than debit card transactions, which stood at 4.41 billion. The data points to phenomenal growth in adoption of UPI by consumers, as the system had only been released three years ago.
In 2017-18, there were only 915.2 million transactions on UPI, while simultaneously there had been 3.34 billion debit card transactions. Interestingly, the number of ATMs fell from 222,247 to 221,703 in the same period.
In what may further keep consumers away from cash and push them towards online payments, the central bank also plans to make its National Electronic Fund Transfer (NEFT) system available 24x7 from December onwards.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
