UPI crosses 10 million transactions

The flagship product by National Payments Corporation of India (NPCI) or United Payments Interface (UPI) successfully crossed the 10 million transaction volumes mark towards the end of June, 2017. The company designed BHIM App which is powered by UPI has been a key contributor in the increased acceptance of this digital payment platform. The transaction volume has risen to 10 million in just 11 months from less than one million in August 2016. Unified Payments Interface was launched in August 2016 with 21 banks, it is currently being offered by about 52 banks.

BHIM reaches 16 million downloads

Bharat Interface for Money (BHIM) App has crossed 16 million downloads and 4 million active customer base by end of June 2017. BHIM App is a common platform across the nation for making simple, easy and quick payments. Currently, the 1.3 version of the app is available on Google Play Store and Apple Store while the latest version with added features will be launched soon. BHIM referral scheme is now operational, where the existing BHIM user (referrer) needs to encourage the new BHIM user (referee) to download the BHIM App and enter the referrer’s mobile number as the referral code. For both referrer and referee to get their incentive, the referee has to make minimum 3 unique transactions totaling to a minimum value of Rs. 50. On successful completion of the process, the referrer would get Rs.10 and the referee who does the payment would get Rs. 25.