What is UPI?
UPI full form is the Unified Payment Interface. UPI means an instant real-time payment system developed by the National Payment Corporation of India. In a UPI transaction, a user can transfer money on a real-time basis across multiple bank accounts by using a UPI pin. UPI pin means the number you enter when you make a transaction. The transactions can be done through the Bhim UPI application.
Increase in Digital Payments
The total transactional value of UPI has gone to Rs. 1.91 lakh crore during October, up from Rs 1.61 lakh crore in September.
Enhancements such as P2PM and IPO applications are being used to accelerate the adoption of digital payments further.
About 5.35 billion transactions were recorded in 2018-19 as compared to 915.2 million in 2017-18.
The NPI mentioned,
“The total transactions of UPI jumped to 1.15 billion in October 2019 from 0.96 billion in September 2019.”
“The simple, safe, and cost-effective mobile-based payment system has become one of the most prominent forms of digital payments.”