UPI clocks 1.3 billion transactions in December
Category :
Tech
By
ADMIN
UPI clocks 1.3 billion transactions in December
These trades were 7% higher on a year-on-year foundation, and 111% greater than in October, the data showed.
The transactions were worth $2.02 trillion in December compared to $1.89 trillion a month ago. Currently, 143 banks are live on UPI.
UPI enables users to transfer money any time, across multiple bank accounts, on a real time basis, without revealing details of the bank account of one to the other party.
The hassle-free age-old payment method is popular among the masses. The government has been introducing measures to popularise digital payments through UPI.
For instance, businesses with over $50 crore sales will have to compulsorily provide electronic payment modes like debit cards powered by RuPay and low cost digital payments options such as UPI from 1 January 2020. The finance ministry said this week, penalty for defaults will kick from 1 February.
“Department of Revenue (DoR) will notify RuPay and UPI as the prescribed manner of payment for job digital transactions without any MDR. Accordingly, all businesses with a turnover of $50 crore or more will be mandated by DoR to provide the facility of payment via RuPay Debit card and UPI QR code to their clients,” the finance ministry had said.
Join the Conversation
Leave a comment
You must be logged in to post a comment.
Most View
This design is incredible! You most certainly know how to keep a reader amused. Between your wit and your videos, I was almost moved to start my own blog (well, almost…HaHa!) Fantastic job. I really enjoyed what you had to say, and more than that, how you presented it. Too cool!
I’ve been browsing online for more than 4 hours today, yet I never found any interesting article like yours.
It is pretty worth enough for me. In my opinion, if all webmasters and
bloggers made good content as you did, the internet will be
much more useful than ever before.