UPI Transactions Cross 500 Million In November; Business Totalling Rs 82,232 Crore Carried Out As A ResultThe Unified Payments Interface (UPI) channel is reported to have grown the fastest among all modes of retail digital payments

Data released by the National Payments Corporation of India (NPCI) has revealed that the monthly transactions through Unified Payments Interface (UPI) crossed 500 million for the first time in November, reports Live Mint.

Almost 524.94 million transactions worth Rs 82,232.21 crore were carried out during the month, a 9 per cent increase in transaction volume, compared with 482.36 million transactions worth Rs 74,978.27 crore in October.

UPI transactions had crossed 400 million for the first time in September this year.

“Proud to share that UPI has reached a remarkable new milestone by crossing 524+ million transactions. #HighOnUPI #CashlessTransactions,” tweeted NPCI.

As many as 17.35 million transactions worth Rs 7,981.82 crore took place through the Bharat Interface for Money (BHIM) platform. The NPCI had in August asked banks to put on hold transactions from different UPI applications where debit and credit was happening with the same account.

NPCI had launched UPI 2.0, an upgraded version of UPI, with several new features, including an overdraft facility enabling customers to link their overdraft accounts to the UPI in August.

However, fin-tech companies have still not been allowed to use the UPI 2.0 platform, with confusion over the usage of Aadhaar linked features following the Supreme Court’s verdict.

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