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Fast growing trend of digital payment in the country, UPI transaction value exceeded 11 lakh crore in September

Highlights

In September, 678 crore transactions were done through UPI and their value was Rs 11.16 lakh crore.
A total of 6.57 billion (657 crore) transactions were done through UPI in August.
In September, transactions worth 46.27 crores were done through IMPS.

New Delhi. The trend of digital payment is increasing continuously in the country. Money can be transferred to anyone through a single click on the mobile sitting at home. For this, an app that supports Unified Payment Interface (UPI) has to be used. UPI transactions grew by 3 per cent to 6.78 billion in September, while the transaction value stood at 11,16,438 lakh crore. The National Payment Corporation of India released the data on Saturday and gave information about this.

In August last month, a total of 6.57 billion (657 crore) transactions were done through UPI and the total transaction value was 10.72 lakh crore. In July, this figure was Rs 10.63 lakh crore.

NPCI released data
According to the data of the National Payments Corporation of India (NPCI), in September, UPI received 6.78 billion (678 crore) transactions and was valued at Rs 11.16 lakh crore.

Also Read – UPI Transactions Surge In August, Total Value Crosses ₹10.72 Lakh Crore

These figures suggest that UPI is becoming a preferred medium for money transactions among users. The main reason for this is its easy to use, fast and secure payment method. The instant transfer-based payment system IMPS saw 46.27 crore transactions in September, while a total of 46.69 crore transactions were done through IMPS in August. A total of 46.08 crore transactions were done through IMPS in July. At the same time, Aadhaar number based AePS transactions stood at 102.66 million in September, as compared to 105.65 million a month ago. In July, 110.48 million AePS transactions took place.

What is UPI
UPI is a real time payment system, which allows instant transfer of money from one bank account to another bank account. The special thing is that you can transfer money through UPI anytime, night or day.

Also read- Money transferred to wrong account by mistake while doing UPI or net banking? Get it back in 48 hours
How does the UPI system of money transfer work?
The UPI facility is quite easy to use. For this, you have to download any UPI app like Paytm, PhonePe, Google Pay, BHIM etc. in your mobile. You can use this system by linking your bank account with the UPI app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app. Recently the facility of linking Rupay credit card with BHIM app has also started.

Tags: Digital India, RBI, Upi

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