October UPI Payment transactions Soar to 2 Billion
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Around 2 billion (207 crore) transactions were made through Unified Payments Interface or UPI payments services in India in October 2020. The transactions were worth ₹3.3 lakh crore. This data was released by the National Payment Corporation of India (NPCI).
NCPI is a body for operating retail payments and settlement systems in India. The PhonePe app recorded the most amount of transactions in October. However, before this, it was Google Pay.
What is UPI?
It is an immediate payment system that helps in instantly transferring money between the two bank accounts through a mobile app. So, this way different bank accounts can be used on a single app. UPI payment transactions can be used at any time, even when banks are closed.
Popular UPI payment apps in India include PhonePe, Google Pay, Amazon Pay and Paytm. UPI was launched in India in 2017. Around 189 banks’ services can be used in the UPI platform. Transactions on the platform have been increasing over time as people are getting more used to the convenience of the different apps. The COVID-19 pandemic has encouraged more people to use the UPI payment transactions apps as it is faster and safer than going out physically.
Additionally, more shops are also now willing to accept UPI payment transactions.
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