Announcing the latest Unified Payments Interface (UPI) numbers, the National Payments Corporation of India (NPCI) revealed that UPI transactions reached a massive ₹1.31 billion transactions with the total value crossing ₹2 trillion in December 2019.
With NPCI strengthening the UPI platform, these transactions have seen steady growth over the years while contributing to the goal of digital India.
Comparing the numbers to November 2019, UPI transactions witnessed a 7% month-on-month growth in both transactions and the total value of the transaction which were pegged at 1.2 billion and 1.89 trillion respectively.
From a mere 35 banks live on UPI and 1.9 million transactions valued ₹7 billion in December 2016, the NPCI boasts of 143 banks with 1.31 billion transactions valued at ₹2.02 trillion in December 2019.
In a mere three year period, NPCI has constantly upgraded the UPI platform making necessary modifications in order to make it more user-friendly and convenient for the users.
In 2018, NPCI launched the UPI 2.0, which included new features like overdraft facility, one-time mandate, invoice in the inbox, and signed intent and QR. It also limited the number of daily UPI P2P transactions from 20 to 10 per bank, in a bid to curb fraud.
Further strengthening the UPI platform, the NPCI had recently launched UPI in Singapore and there are also reports suggesting that NPCI could also be rolling out UPI services in UAE. With the foray into the overseas markets, it could provide relief to Indian users travelling in these countries to carry out their digital transactions.