UPI Payments Platform Sees Transaction Jump in December: NPCI

UPI Payments Platform Sees Transaction Jump in December: NPCI
  • NPCI claimed 145.46 million transactions in December
  • This is compared to just 4.15 million in January last year
  • Transaction value also jumped to Rs. 13,144 crores

The National Payments Corporation of India - an umbrella organisation for all retail payments in India - registered 145.46 million transactions on its digital Unified Payments Interface (UPI) in December, 2017 from just 4.15 million in January last year.

The value of transactions in December also jumped to Rs 13,144 crore from a mere Rs 1,568 crore in January, 2017, an NPCI official told PTI.

Transactions on UPI rose exponentially post July last year when the number was 11.44 million.

After growing 100 percent month-on-month in September and October, growth eased to a shade under 40 percent in transactions in November and December 2017, the official said.

However, transactions through the NPCI-managed UPI app BHIM (Bharat Interface for Money) stood at only 9 million, he said.

NPCI officials said a cash back of Rs 25 by way of referral promotion is being offered to promote more downloads of the BHIM app.

Banks and financial institutions also make use of NPCI's UPI platform to offer direct digital payments from accounts without sharing bank details.

The total number of banks on NPCI's UPI platform as on December 2017 was 67.

UPI-based apps also offer customers the facility to link several bank accounts.


For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: BHIM, UPI, NPCI, Online Payment
Google Eyes Chinese E-Sports Market With $120 Million Investment in Chushou
Micromax Bharat 5 Plus With 5000mAh Battery Goes Official
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News


Follow Us


© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »