The number of Unified Payments Interface (UPI) transactions exceeded the two billion mark in October, said the National Payments Corporation of India (NPCI) on Sunday. The organization tweeted on its official page that the total transaction value of UPI increased from less than Rs 3.3 lakh crore in September to over Rs 3.86 lakh crore in October.
NPCI is an umbrella organization for all the retail payment systems in India including BHIM, IMPS, and RuPay. The development comes a year after the number of transactions crossed the one billion mark in October 2019. The increase in the number and volume of UPI transactions pointed towards the increasing acceptability that mobile-based payment systems have garnered in the country. It has gained wide popularity among millions as it allows user to transfer money on a real-time basis across multiple bank accounts without the need of revealing sensitive details.
BHIM UPI has managed to change the face of the person to person and person to merchant money transfers in the past few years whim making them safer and more secure.