![]() ![]() As of August 2023, UPI has crossed 10 billion transactions. Data from NPCI shows that 10.5 billion transactions were recorded on the platform in August, up from 9.9 billion in July 2023. In Aug 2023, there were several news reports and articles were published about the BFSI sector. It enabled over 2,348 transactions every second in 2022. The proportion of UPI transactions in total volume of digital transactions grew from 23% in 2018–19 to 55% in 2020–21 with an average value of ₹1,849 per transaction. Īs of November 2022, the platform had over 300 million monthly active users in India. ![]() It is widely considered to be one of the most successful payment systems in the world, in terms of the number of users, the volume of transactions, and the number of transactions. Indian Banks started making their UPI-enabled apps available on the Google Play Store on 25 August 2016. ![]() It runs as an open source application programming interface (API) on top of the Immediate Payment Service (IMPS), and is regulated by the Reserve Bank of India (RBI). The UPI ID of the recipient can be used to transfer money. The mobile number of the device is required to be registered with the bank. It is used on mobile devices to instantly transfer funds between two bank accounts. The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. The Unified Payments Interface ( UPI) is an instant payment system developed in India, by the National Payments Corporation of India (NPCI). ![]()
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