Unified Payments Interface
Unified Payments Interface (UPI) has reported a new surge in December in terms of the transactions, according to National Payments Corporation of India (NPCI).
As per NPCI’s data, UPI app BHIM (Bharat Interface for Money) alone managed to garner 9 million transactions.
While 4.15 million transactions were recorded in NPCI’s UPI in January last year, the number surged to 145.46 million in December 2017.
For attracting more users to BHIM app, NPCI is offering cash back of Rs 25 for referral promotions. Banks and financial institutions are also making use of NPCI’s UPI platform to ensure direct e-payments from accounts without disclosing bank details.
As of December 2017, 67 banks are using NPCI’s UPI platform. UPI-based apps also provide the customers with the facility to link several bank accounts.
