Mobile and online banking services have skyrocketed during the coronavirus pandemic as banks have limited in-person visits, appointments, and drive-through services or completely closed some branches.
According to NITI Aayog CEO Amitabh Kant, the number of Unified Payment Interface (UPI)-based transactions crossed the 2 billion mark in October 2020.
The UPI registered 2.07 billion transactions in the last month, up by 80% from 1.14 billion transactions recorded in the same period last year. This rise in UPI transactions clearly suggests the growing acceptance of digital payment services.
Moreover, the UPI transaction value increased 101% from INR 1,91,359.94 crore to INR 3,86,106.74 crore.
“Amazing! UPI crossed the 2-billion transaction mark in October 2020. UPI volume had grown 80 % from 1.14 billion transactions in October 2019 to 2.07 billion transactions last month. The transaction value has jumped 101% from INR 1,91,359.94 Cr to INR 3,86,106.74 Cr,” tweeted Amitabh.
Likewise, the National Payments Corporation of India (NPCI) tweeted, “BHIM UPI has managed to change the face of person-to-person and person-to-merchant money transfers in the past few years while making them safer and more secure.”
Stay Tuned to IndianEra for Latest Banking News!