Digital transactions through Unified Payments Interface, UPI have witnessed unprecedented surge within a year of demonetisation. <br/><br/>The government has been pushing for digital payments to make the country a less cash economy. The number of transactions through Unified Payments Interface-UPI, launched by National Payment Corporation of India, NPCI was just one lakh in October last year which rose by 77 times to 76.96 lakh. <br/><br/>According to data provided by NPCI, in October alone, the transactions increased to 76.96 lakh from 30.98 lakh in September this year. <br/><br/>The figure for August was 16.80 lakh transactions. In October this year, the transactions were valued at 70.57 billion rupees.<br/><br/>Prime Minister Narendra Modi in December last year had launched BHIM (Bharat Interface for Money) app to facilitate quick payment transactions using UPI. Meanwhile, the number of banks on UPI has increased to 57 from 21 in August last year. <br/><br/>Our correspondent reports that NPCI, which had started its services in January 2010 with a monthly transaction volume of about 50 million, had achieved the landmark volume of 1 billion transactions in July 2017 itself. <br/><br/>The one billion transactions pertain to all types of payments handled by NPCI including cheque clearing, ATM, BHIM, RuPay, E-commerce and Aadhaar-based payments.

Digital transactions through Unified Payments Interface, UPI have witnessed unprecedented surge within a year of demonetisation. <br/><br/>The government has been pushing for digital payments to make the country a less cash economy. <br/><br/>The number of transactions through Unified Payments Interface-UPI, launched by National Payment Corporation of India, NPCI was just one lakh in October last year which rose by 77 times to 76.96 million. <br/><br/>According to data provided by NPCI, in October alone, the transactions increased to 76.96 million from 30.98 million in September this year. <br/><br/>The figure for August was 16.80 million transactions. In October this year, the transactions were valued at 70.57 billion rupees.<br/><br/>Prime Minister Narendra Modi in December last year had launched BHIM (Bharat Interface for Money) app to facilitate quick payment transactions using UPI. <br/><br/>Meanwhile, the number of banks on UPI has increased to 57 from 21 in August last year. <br/><br/>Our correspondent reports that NPCI, which had started its services in January 2010 with a monthly transaction volume of about 50 million, had achieved the landmark volume of 1 billion transactions in July 2017 itself. <br/><br/>The one billion transactions pertain to all types of payments handled by NPCI including cheque clearing, ATM, BHIM, RuPay, E-commerce and Aadhaar-based payments.