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The Unified Payment Interface (UPI) witnessed a record number of transactions in January and amounted to more than Rs 1 lakh crore in value, according to data released by NPCI (National Payment Corporation of India), the Livemint reports.
The transaction volume grew by 8.5 percent to Rs 1.09 lakh crore in January, up from Rs 1.02 lakh crore in the month of December 2018. December was also the month when UPI recorded over 600 million transactions for the first time ever, the report states.
UPI was introduced by NPCI in 2016 as a platform that powers multiple bank accounts into a single mobile application. UPI got a significant boost when the BHIM app was launched by the Central government on the 30 December 2016. Since then, NPCI has taken steps to cut down fraudulent transactions and introduced many regulatory guidelines.
Out of the total transactions registered in January, 13.98 million transactions were conducted through BHIM app alone, the data shows.
The last one year has witnessed the rise of 350% in UPI transactions.