Online payments are increasing day by day. People are shifting from cash transactions to online transactions. And one of a way for this transaction is UPI payment. This pandemic is a reason due to which online payments are seeing a rise like never before. And lockdown also added to an increase in these transactions.
According to the recent reports, UPI transactions in October month were more than 2 billion. UPI is a simpler term for Bharat Interface for Money-Unified Payments Interface (BHIM-UPI). National Payments Corporation of India (NPCI) presented this data. These transactions were of the value of Rs 3.8 trillion. In September, transactions’ value was Rs 3.2 trillion.
UPI transactions directly pay from one’s bank account. A person can pay using his or her bank without going to the bank. Last year the number of banks linked to UPI transactions was 141. But this year these banks were 189 in the UPI platform. NPCI is the founder of this platform. This lockdown was for eight months. And in these eight months, these transactions multiplied. Due to Covid-19, people are avoiding cash transactions, this way of payment is growing very quickly.
For example, in May, which saw complete lockdown, the number of transactions done through UPI stood at 1,234.5 million transactions, while in June and July, when lockdown measures were relaxed a little, the number of transactions stood at 1,336.9 million and 1,497.3 million, respectively.
Unified Payments Interface is a moment continuous installment framework created by the National Payments Corporation of India encouraging between bank exchanges. The interface is managed by the Reserve Bank of India and works by split-second moving assets between two financial balances on a portable stage. As of March 2019, there are 142 banks live on it with a month to month volume of 799.54 million exchanges and estimation of ₹1.334 trillion (US$19 billion). It saw 1,029.44 crore exchanges until August 2019. The portable just installment framework executed an aggregate of ₹17.29 lakh crore (US$240 billion) during the 37 months of activity beginning from 2016.