UPI hits 1 billion transactions in October
India’s home-grown payments platform Unified Payments Interface (UPI) has crossed the mark of one billion transactions in October. Along with this, it has also achieved 100 million users.
These stats make UPI the fastest adopted payments system across the globe. The company has achieved these milestones in just 3 years of the launch.
Now NPCI is working to make UPI a global platform where users will be able to pay internationally using UPI. It will be start with Singapore and UAE soon.
UPI lets users make bank to bank transfer quickly using just Aadhar number, mobile number or virtual payments address. For merchant payments, it also has QR code scanning for merchant payments. UPI is based on IMPS infrastructure that means it offers instant payments 24×7.
With UPI, NPCI also launched the BHIM app but other UPI based apps also help UPI in faster adoption. Google Pay, Paytm, and PhonePe are also into UPI based payments and are more popular than BHIM. Users can quickly send or receive payments using the phone number of UPI id.
All major banks are the part of UPI network and several banks have their own proprietary apps based on UPI. NPCI is also working with banks to set up a fund to increase awareness of UPI. This awareness program includes the aim of reaching more customers and giving people safety advice to stop scammers fooling them.