Digital payments made through UPI surge: RBI

The digital payments made through Unified Payments Interface (UPI) have reported a visible increase post demonetisation period, says the Reserve Bank of India (RBI).

According to to the central bank, UPI-based transactions increased by nearly 20 per cent to Rs 2,000 crore in March 2017, as compared to Rs 1,660 crore in January 2017, reported the Bussiness Standard.

The major growth in the UPI-based transactions is accredited to the government promoted BHIM (Bharat Interface for Money) as well as the non-bank payment apps like PhonePe and Trupay, among others.

There was a rise in digital transactions after the demonetisation of  Rs 500 and Rs 1,000 notes. In December, the first full month after demonetisation, the total number of transactions through credit and debit cards, e-wallets, mobile banking and unified payments interface (UPI), increased to 471 million.

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