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UPI logs 2.3 bn digital transactions worth Rs 4.2 lakh crore in Jan, says NITI Aayog's Amitabh Kant

UPI is an instant real-time payment system that facilitates inter-bank transactions, thereby merging several banking features, merchant payments, and seamless fund routing

twitter-logoBusinessToday.In | February 4, 2021 | Updated 15:17 IST
UPI logs 2.3 bn digital transactions worth Rs 4.2 lakh crore in Jan, says NITI Aayog's Amitabh Kant
Taking to Twitter, NITI Aayog CEO Amitabh Kant added that "UPIs transaction value jumped 76.5% while transaction value jumped nearly 100%."

NITI Aayog CEO Amitabh Kant said on Wednesday that as many as 2.3 billion transactions amounting to Rs 4.2 lakh crore were registered via Unified Payment Interface (UPI) in January this year.

Taking to Twitter, Kant further added that "UPIs transaction value jumped 76.5% while transaction value jumped nearly 100%."

Here's what the NITI Aayog CEO tweeted:

"Phenomenal! UPI recorded 2.3 billion transactions worth Rs 4.3 trillion in Jan 2021. On a YOY basis, UPI's transaction value jumped 76.5 % while transaction value jumped nearly 100%. Took UPI 3 years to cross 1 billion transactions a month. Next billion came in less than a year."

UPI is an instant real-time payment system that facilitates inter-bank transactions, thereby merging several banking features, merchant payments, and seamless fund routing.

Also Read: PhonePe beats Google Pay, Paytm; emerges top UPI app in December

The common system also provides the "peer to peer" collect request which can be scheduled and paid as per necessity and convenience.

The digital payments system, built by the National Payments Corporation of India, is regulated by the Reserve Bank of India.

Over Rs 4 lakh crore worth of digital transactions were facilitated by UPI in December 2020 and more than 200 banks are linked to the UPI system, President Ram Nath Kovind has said earlier.

He added that the trinity of Jan Dhan Accounts, Aadhaar and Mobile (JAM) has helped safeguard the rights of people and Rs 1.8 lakh crore has been saved from falling into the wrong hands.

Also Read: Indian tech players secured $38 billion from investors amid COVID-19 pandemic: Amitabh Kant

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