UPI clocks 1.3 billion transactions in December

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.

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