NPCI witnesses digital transaction surge at 145 million in December 2017

The National Payments Corporation of India – an umbrella organisation for all retail payments in India – registered 145.46 million transactions on […]

   

The National Payments Corporation of India – an umbrella organisation for all retail payments in India – registered 145.46 million transactions on its digital unified payments interface (UPI) in December 2017 from just 4.15 million in January last year. The value of transactions in December also jumped to Rs 13,144 crore from a mere Rs 1,568 crore in January 2017, an NPCI official told PTI. Transactions on UPI rose exponentially post July last year, when the number was 11.44 million. After growing 100 per cent month-on-month in September and October, growth eased to a shade under 40 per cent in transactions in November and December 2017, the official said. However, transactions through the NPCI-managed UPI app Bharat Interface for Money (BHIM) stood at only 9 million, he said. NPCI officials said that a cash back of Rs 25 by way of referral promotion is being offered to promote more downloads of the BHIM app. Banks and financial institutions also make use of NPCI’s UPI platform to offer direct digital payments from accounts without sharing bank details. The total number of banks on NPCI’s UPI platform as on December 2017 was 67. UPI-based apps also offer customers the facility to link several bank accounts.





Trending

Coronavirus lockdown: Indian retail sector stares at loss of over 20 lakh jobs

Covid-Industry-Reactions

Coronavirus lockdown: 60% MSMEs may get wiped out; real estate looks at nearly $1 billion business loss; and more

RBI repo rate cut

RBI cuts repo rate by 75 bps, 3-month pause on EMIs to offset Coronavirus impact

coronavirus loan msme

Coronavirus economic impact: CII sets up a fund for MSMEs

coronavirus impact

Coronavirus economic impact: More than dozen PSBs announce emergency credit line

coronavirus economic impact

Coronavirus Lockdown: Sitharaman announces 1.7 lakh crore relief package for poor

coronavirus economic impact

Coronavirus economic impact: Banks offer fresh lines of credit to SME firms amid lockdown

msme coronavirus

Coronavirus Impact: All India manufacturers’ organisation urges govt to provide support package to MSMEs

GDP coronavirus

Coronavirus to impact GDP growth; ICRA projects growth to range from 4.7% to 5.2% in FY2021

Ecommerce suspended

Flipkart and Amazon suspend services, consumers complaining on twitter

Modi_21_days_lockdown

India will be under complete lockdown for 3 weeks: PM Modi

Coronavirus India

FM Nirmala Sitharaman: Last date to file ITR for FY18-19 extended, interest rate reduced on delayed payment; Covid-19 Impact