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. #BHIMUPI #UPIChalega #DigitalPayments @dilipasbe pic.twitter.com/iRIh5uwwjS— India Be Safe. India Pay Digital. (@NPCI_NPCI) November 1, 2020
The number of UPI (Unified Payments Interface) transactions exceeded the two billion mark in October, said the National Payments Corporation of India (NPCI) on Sunday. The organisation tweeted on its official page that the total transaction value of UPI increased from less than Rs 3.3 lakh crore in September to over Rs 3.86 lakh crore in October.
NPCI, is an umbrella organisation for all the retail payment systems in India including BHIM, IMPS and RuPay.
The development comes a year after the number of transactions crossed the one billion mark in October 2019. The increase in the number and volume of UPI transactions point towards the increasing acceptability that mobile-based payment systems have garnered in the country.
The UPI payment method mode has gained wide popularity among millions as it allows users to transfer money on a real-time basis across multiple bank accounts without the need of revealing sensitive details.