Transactions by way of the Unified Funds Interface (UPI) zoomed handed the 200-crore mark in October, amidst the festive season and sustained choice for digital funds within the ongoing pandemic.
Knowledge with the Nationwide Funds Company of India revealed that UPI transactions amounted to 207.16 crore in October processing ₹three.86 lakh crore of funds final month. As many as 189 banks are dwell on the UPI platform.
It took simply six months for UPI transactions to double from a low of 99.95 lakh in April this 12 months within the midst of the nationwide lockdown.
Initially, UPI transactions had crossed the 100-crore mark in October final 12 months when 114.83 crore transactions occurred on the platform.
“BHIM UPI has managed to alter the face of person-to-person and person-to-merchant cash transfers prior to now few years whereas making them safer and safer,” NPCI mentioned in a tweet on Sunday.
In September 2020, 180 crore transactions amounting to ₹three.29 lakh crore have been processed on the UPI platform.
Report IMPS transactions
In the meantime, transactions by way of the Quick Funds Service (IMPS) additionally touched a brand new peak of 31.89 crore processing funds value ₹2.74 lakh crore in October this 12 months. It had processed 27.96 crore transactions amounting to ₹2.48 lakh crore in September.
With the opening up of the financial system put up the Covid-induced nationwide lockdown, transaction on FASTag additionally rose to 12.23 crore amounting to Rs 2,137.16 crore in October as in opposition to 11 crore transactions value Rs 1,940.6 crore in September.