The National Payments Corporation of India (NPCI) on Friday said the number of transactions on the Unified Payments Interface (UPI) had crossed the landmark figure of one billion in October.
"The total transactions of UPI jumped to 1.15 billion in October 2019 from 0.96 billion in September 2019," the NPCI said in a release.
The total transaction value of UPI stood at Rs 1.91 lakh crore during the month, up from Rs 1.61 lakh crore in September.
"It is encouraging to witness digital payments being widely accepted across the country. This momentous achievement is a result of the continued support that UPI has received from the ecosystem, including banks and third-party payment apps and the policy initiatives by the Government and the Reserve Bank of India (RBI) in the digital payments," said Dilip Asbe, Managing Director and CEO, NPCI.
To further accelerate the adoption of digital payment, UPI has introduced enhancements such as P2PM as a new transaction type and IPO application through UPI as a new-use case, the NPCI said.
About 5.35 billion UPI-based transactions were recorded in 2018-19 as compared to 915.2 million in 2017-18.
UPI allows users to transfer money on a real-time basis across multiple bank accounts without revealing the details of one's bank account to the other party.
The simple, safe, and cost-effective mobile-based payment system has become one of the most prominent forms of digital payments, the NPCI added.