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.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber