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Digital Transactions Rise By 77 times Via UPI In One Year Since Demonetisation
UPI transactions have surged exponentially post demonetisation drive which has been given a push by Modi's BHIM app.
As per the data of NPCI or National Payments Corporation of India that developed the unique Unified Payments Interface gateway, transactions using UPI surged exponentially to nearly 77 times in a year's time since demonetisation. Before this drive, only 0.1 million UPI transactions were reported until October 2016 post which government scrapped high value currency notes of Rs. 500 and Rs. 1000 to replace them with new currency in Rs. 500 and Rs. 2000 denominations.
The demonetisation drive aimed at clamping down black money in the system and also to boost digital economy.
In the latest report, NPCI has reported a jump in UPI payment transactions to 76.96 million by October end. Alone, in the month of October, the transactions surged to this level against 30.98 million transactions reported until September 2017. On a value basis, the transactions valued at 70.57 billion in October 2017.
To give boost to payments via UPI, Narendra Modi led government introduced BHIM or Bharat Interface for Money. And only recently payments wallet company, Paytm incorporated BHIM UPI on its platform so being interoperable as of now, it aims to expand its footprint through this move.
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