Aadhaar’s supremacy seems to be rising high as the National Payments Corporation of India (NPCI) has crossed 1 billion monthly transactions riding on the biometric identification.
NPCI geared up its operations in January 2010 with a monthly transaction volume of 50 million.This figure has grown 20 times in seven years.
The major change in digital transactions was reported with the initiation of demonetisation last November. The United Payments Interface (UPI), which is supported by over 50 banks is a major driver of NPCI’s growth.
According to the NPCI’S official figures UPI based transactions grew 10 percent to nearly 12 million in July.Prior to that, it crossed Rs 3,000 crore in transaction value.
The surge in transactions in Juky was credited to the Aadhaar Enabled Payment System (AEPS). “Highest growth has been seen in the mobile payments and Aadhaar-based payments. This change was achieved by way of adding new products to NPCI’s portfolio and widening the membership of all products,” said AP Hota, MD & CEO, NPCI.
“It gives us a great deal of satisfaction that NPCI has truly emerged as the powerhouse of all financial transactions in India,” Hota added in the statement.