UPI hits a new high, marks 10 million transactions in a single day

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Unified Payments InterfaceTransactions through the Unified Payments Interface (UPI) reached a new pinnacle by reporting more than 10 million transactions in a single day.

The milestone was achieved June 20, in a period less than two years from its inception. The achievement is also pivotal as the figure (10 million) that has been achieved in a day was achieved in one complete month in June.

UPI was launched by National Payments Corporation of India, to facilitate instant fund transfer between two accounts through a mobile phone without any details from the beneficiary’s bank account.

Transactions via UPI received a major push from the Centre after Prime Minister Narendra Modi introduced the BHIM app on 30 December 2016.

UPI was launched in August 2016 in alignment with 21 banks that have now spread successfully across 101 banks across India.

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