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.

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
Advertisement