UPI's record-breaking Rs 230 crore transaction in January, digital transactions to quadruple this year

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New Delhi, Saturday 6 February 2021

In the wake of the Corona crisis, the Government of India and the Reserve Bank of India are working to promote digital transactions in the country, which is expected to quadruple by 2021. People in India are using UPI, the Unified Payments Interface, to provide digital transactions.

Amitabh Kant, CEO of the Policy Commission, said that a record Rs 230 crore was transacted by UPI in January 2021, Rs 4.3 lakh crore was transacted by UPI in January 2021, an increase of 76.5 per cent in the number of UPI transactions as compared to January 2020. The transaction amount has seen a jump of 100.

What is this UPI

UPI stands for Unified Payments Interface, an interbank fund transfer facility that allows payments to be made on a smart phone using a phone number and a virtual ID. This is based on the Internet bank fund transfer mechanism, controlled by NPCI. Money transfers with payments at home in minutes.

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