According to data from National Payments Corporation of India, Unified Payments Interface (UPI) saw close to 800 million transactions worth Rs 1.3 lakh crore in March. While the number of transactions jumped 18.6% as against February, the amount of money transferred went up 25% compared to last month, ET reported.
Unified Payments Interface is an instant real-time payment system developed by National Payments Corporation of India facilitating inter-bank transactions. The interface is regulated by the Reserve Bank of India and works by instantly transferring funds between two bank accounts on a mobile platform.
More than 100 million handles have been created on UPI, ET reported citing sources. Also, the average transaction value of UPI payments rose to almost Rs 1,700.
Meanwhile, Immediate Payment System (IMPS) clocked 190 million transactions worth Rs 1.7 lakh crore in March - a 14% rise over the previous month. The total amount transacted was up 18 % from February. In February the corresponding figures stood at 166 million transactions with total amount settled being at Rs 1.5 lakh crore. Source: ET Tech