UPI’s industry n India increased by 7.7% to Rs 730 crore and its total value surpassed Rs 12.11 crore in October compared to Rs 678 crore, and Rs 11.16 crore in September.
UPI stands for Unified Payment Interface, an instant payment paradigm launched by the National Payments Corporation of India (NPCI). The payment system is designed to provide instant interbank transactions.
UPI is the most common payment model used by Indians, whether shopping at a grocery store or paying at an expensive restaurant. UPI has gained popularity among many Indian users due to its simple approach.
A UPI transaction can be initiated using a UPI ID, a unique identification number used to identify a bank account, and a 4-8 digit PIN set by the user to send or receive money. The UPI PIN can be set using a debit card or internet banking.
UPI is a new and much more advanced example of the payment transfer genre. Users do not need an account number, IFSC code, debit card number, or other bank details to send or receive money. UPI is sufficient for the entire transaction.
NETC FASTag, which facilitates automatic toll collection at NHAI tollgates across the country, posted a 9.3% increase in September turnover from 28.3 billion won.
The number of instant money transfers between banks via Instant Payment Service (IMPS) was Rs 48.25 crore in October and the value was Rs 4.66 lakh crore. PTI reported that transactions were up 4.3% from September, citing monthly data from the National Settlements Corporation of India (NPCI) released on Tuesday.
Aadhaar card-enabled AePS for simple, fast and secure banking increased to $11.77 crores in October from 10.27 crores in the previous month. AePS transaction value increased from Rs 26,665.58 crore to Rs 31,112.63 crore.
