UPI crosses 2 billion transactions milestone in October, up 80% from year-ago; value nears Rs 4 lakh cr

Bhim Unified Payments Interface (UPI) has crossed the 2-billion transaction mark in October 2020. According to the data released by the retail payments and settlement systems operator National Payments Corporation of India (NPCI), the UPI volume has grown 80 per cent from 1.14 billion transactions in October 2019 to 2.07 billion transactions last month. The transaction value has also jumped 101 per cent from Rs 1,91,359.94 crore to Rs 3,86,106.74 crore during the said period. From the financial year 2021 perspective, 999.57 million UPI transactions and value worth Rs 1,51,140.66 crore in April 2021 grew 107 per cent and 155 per cent respectively in October. “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,” NPCI tweeted on Sunday.