As per NPCI, since its launch in 2016, Unified Payments Interface (UPI) has witnessed huge growth with the cumulative number of transactions standing at 1.12 billion at the end of April 2018.
The thrust by banks, regulators and the government to motivate citizens for digital payments is finally paying off, with cashless transaction contributing to 7 per cent of GDP from 2.5 per cent three years ago, says Anil Agarwal of Morgan Stanley.
“The whole thrust of the government, banks, regulator on banks is actually paying off. Everything is growing, whether is debit card transactions or credit card transactions. But the thing that stands out at least from our vantage point is UPI,” Anil Agarwal, Managing Director, Morgan Stanley told ET Now.
UPI-based payments system was launched by the Government of India in 2016.
It allows mobile apps run by retailers, airlines and other firms to take payment directly from customers’ bank accounts.
As per National Payment Corporation of India (NPCI), since its launch in 2016, Unified Payments Interface (UPI) has witnessed huge growth with the cumulative number of transactions standing at 1.12 billion at the end of April 2018.
According to a report by Medianama, the total number of transactions in April 2018 were around 27 times higher than in the same month last year.
“If you look at UPI, it started in August 2016. (For) the first 3-4 quarters, it was relatively slow. But since last September, it has gone up 8 times. It’s doubling every 2-3 months. The reason is that new players have come in, so U.S. cheque companies, the local wallets have banks etc. So they’re able to offer relatively intuitive interface on UPIs,” Anil Agarwal told the channel.
BHIM (Bharat Interface for Money) is a mobile app developed by National Payments Corporation of India (NPCI), based on the Unified Payment Interface (UPI), which allows users to make digital payments even without internet.
Source: Media reports, Financial Express