India is all set to become a “Cashless Economy”, all thanks to several initiatives promoted under the ambitious “Digital India”.
Portraying the success story of digitising India, Unified Payments Interface (UPI) has touched a massive growth and the value of its transactions reached 1,09,323 per cent between August 2016 to July 2017.
As tweeted by the Software Technology Parks of India, UPI transactions surged to Rs 3,381.16 crore in July 2017. The transactions reported in August 2016 were just Rs 3.09 crore.
UPI was launched by the National Payments Corporation of India (NPCI) as a pilot project last year in April. Banks gradually started uploading their version of the app from August 2016. is a system that powers multiple bank accounts into a single m
It is a system that enables operation of multiple bank accounts from a single mobile application (of any participating bank), merging several banking features, seamless fund routing and merchant payments into one periphery.
Recently, cab aggregator Uber has integrated UPI BHIM to enable digital payment option for the riders. The launch was commenced by Union Minister for electronics and IT, Ravi Shankar Prasad in New Delhi.
#UPI value grew 1,09,323% between Aug’16 & Jul’17 #GoCashlessGoDigital #DigiDhanAbhiyan #NewIndiaDigitalIndia @rsprasad @ppchaudharyMoS pic.twitter.com/px6c4Wn2Sf
— STPI (@stpiindia) August 28, 2017
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