UPI touches nearly 800 mn transactions, amounting to Rs 1.3 trn in March

Unified Payments Interface has touched nearly 800 million transactions, amounting to Rs 1.3 trillion in March, latest data from the National Payments Corporation of India showed.

UPI is a system that allows account holders of all banks to send or receive money from their smartphones without the need to enter their net banking user ID or password, and has fast caught on since the time it became operational in August 2016.

In addition to the NPCI’s BHIM app, a host of private players, including banking apps have caught on to the use of UPI for payments. the number of banks now live on UPI are 142.

The amount transacted through BHIM until February was Rs 5,624 crore.