BHIM UPI clocks over 151 million transactions

Bharat Interface for Money (BHIM) Unified Payments Interface (UPI) achieved 151.83 million transactions in the month of January. The total value of transactions stood at Rs.15,571 crore with the average ticket size of Rs.1,026. UPI volume (UPI, BHIM and USSD 2.0 -*99#) during January 2018, December and November 2017 were 151.83 million, 145.64 million and 105.02 million while the value stood at Rs.15,571.2 crore, Rs.13,174.2 crore and Rs.9669.3 crore respectively. BHIM is a smart mobile phone based app that allows simple, easy and quick payment transactions using UPI. One can easily make direct bank to bank payments instantly and collect money using mobile number or payment address. It is a unique payment solution which empowers an individual with immediate send and collect request.

IMPS clocks over 99 million transactions

Immediate Payment Service (IMPS), the platform which works 24 X 7 has achieved 99.59 million transactions in the month of January 2018. The total value of transactions stood at Rs.88,213.58 crore with the average ticket size at Rs.8,858. IMPS volume during January 2018, December and November 2017 were 99.59 million, 98.01 million and 89.49 million while the value stood at Rs.88,213.58 crore, Rs.87,106.19 crore and Rs.78,257.69 crore respectively. IMPS provides robust and real time fund transfer service which offers an instant, 24X7, interbank electronic fund transfer service that could be accessed on multiple channels like Mobile, Internet, ATM, SMS and Branch. As on January 2018, total number of banks live on IMPS platform were 323.

NPCI connects with the youth

NPCI participated in college fests to encourage digital payments to connect with the youth and familiarise them with flagship products like Unified Payments Interface (UPI) – Bharat Interface for Money (BHIM). IIT Techfest and SIES (South Indian Education Society) colleges in Mumbai attracted around 30,000 footfalls. In order to encourage the youth to use BHIM UPI, several contests were organized at the venues.