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Total value of Bhim UPI transactions crosses Rs 1 lakh cr in Dec 2018

Total value of Bhim UPI transactions crosses Rs 1 lakh cr in Dec 2018

The value of monthly transactions made using the Unified Payments Interface (UPI) crossed the Rs 1-lakh-crore mark for the first time in December 2018, show data released by the National Payments Corporation of India (NPCI).

It was 82232 crore rupees in November and 74978 crores in October 2018.

Going by the growth rate posted by UPI, it is likely to soon overtake IMPS, which saw Rs 8,92,500 crore worth of transactions in the previous fiscal.

UPI is just two years old; it will gradually eat into IMPS and NEFT payments, which together account for Rs 181 lakh crore in transactions value in a year. 

Future of UPI and cashless payment

In 2017-18, total debit/credit card payments stood at Rs 10,60,700 crore. 

It is the new players such as Reliance Jio, WhatsApp, Amazon Pay and Google Pay that are stirring up a storm around UPI.

So probably, the future is UPI.

What is UPI?

Launched in August 2016, UPI is a bank account-to-bank account payment feature that allows money to be transferred using details no more than a phone number.

Earlier this year, NPCI launched UPI 2.0 – an upgraded version of its UPI service, which, in addition to other things, will allow users to access a digital invoice to help them view and verify a merchant’s credentials and ascertain if the invoice has come from the correct merchant.

Customers can pay seamlessly once they have verified the amount and other details in the invoice.

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