UPI

UPI proccesed over 672 Mn transaction in January; BHIM slumps down

UPI

The Unified Payment Interface (UPI) registered 672 million transactions amounting to Rs 1,09,932.43 crores, a mere 8.47 per cent rise in terms of volume and 7.15 per cent hike in terms of value.

The above metrics were quite impressive in the last two months when UPI crossed half a billion transaction volume mark and processed over Rs 1 trillion amount in November and December respectively.

NPCI-owned instant real-time inter-bank electronic funds transfer system IMPS recorded a 3 per cent fall in transaction volume. In December, it registered an 18 per cent growth in transaction volume worth Rs 1,46,898.58 crore.

Besides, the government promoted BHIM witnessed a slump down in transaction volume as well as value. According to the data given by NPCI, BHIM processed 13.98 million transactions amounting to Rs 6,202.51 in January. The figure for the previous month was 17.06 million transaction worth Rs 7,789.19.

In the past couple of months, BHIM has been facing technical glitches which could be a reason behind the decline in the number of transactions in January. A number of BHIM users have taken it to Twitter to raise their concern. BHIM, however, has assured to restore the snag as soon as possible.

As of now, 129 banks are live on UPI. Apart from banking partners, private players such as Paytm, PhonePe, Google Pay and others are major contributors to the UPI ecosystem.

Of late, Amazon has begun testing UPI within a restricted user base. The company is working with Axis Bank for its UPI-powered payments app. Paytm, on the other hand, started testing white-labelled interoperable UPI QR Code for merchants in Bengaluru and Hyderabad.

Reliance Jio is also planning to integrate UPI into its existing app Jio Money.

UPI

UPI proccesed over 672 Mn transaction in January; BHIM slumps down

Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Below is the bank details:

 
Amount: INR 3,19, 000 (After Adding 18% GST and Deducting 2% TDS)
Bank Name: ICICI Bank
Account Type: Current
Account Name: Bareback Media Private Limited
Account Number: 002105023595
IFSC Code: ICIC0000021
 
Kindly make the payment to confirm your seat for Unicorn trip 2.0. For any other queries/concern: pls drop a email on: [email protected]

Overcome FOMO
with our Daily Newsletter

X