Data released by the National Payments Corporation of India (NPCI) showed that the value of monthly transactions made using Unified Payments Interface (UPI) crossed Rs 1 lakh crore in value for the first time in the month of December.
In December 2018, 620 million transactions worth Rs 1.02 lakh crore were recorded. In the previous month, that is November 2018, the 525 million UPI transactions were recorded worth Rs 82,232 crore. In December 2017, the total transactions were worth Rs 13,144 crore.
UPI is a bank account-to-bank account payment model that was launched in August 2016. It facilitates the transfer of funds to another's bank account with just details of the receiver's mobile number linked to their bank account. It was upgraded to UPI 2.0 in 2018 with additional features.
The new update allows the users to digitally view the invoice from the merchant before making the payment. This way the customer can ascertain if the invoice is received from the correct merchant and whether the amount is correctly charged.
Earlier, in its September 2018 quarter ended data, SBI (State Bank of India) said that the share of cashless transactions through UPI and its the bank's app YONO had risen to 8.7 percent from 0.8 percent in September 2017.