BENGALURU: Fiscal 2017-18 has been a year of transformation for BHIM Unified Payments Interface (UPI) transactions and activity on the platform is expected to further increase this fiscal. According to data from the National Payments Corporation of India (NPCI), there were BHIM UPI transactions of approximately 913 million in volume and close to Rs 1 trillion in value in FY18.“Goodbye 2017-18; NPCI processed BHIM UPI ~1 billion in volume and ~1 trillion rupees in value. FY18 began at a paltry 7 million transaction volume which was recorded in April last year. However, growth picked up around September when transaction volumes almost doubled from 16 million in the previous month. ET recently reported that NPCI is planning to open up UPI as a mode of transaction for international inward settlements that now take place through IMPS or NEFT.

Source: Economic Times April 02, 2018 01:18 UTC