On February 03, 2020, According to the latest data from NPCI (National Payments Corporation of India ) comes against the backdrop of the decision made by government on encouraging digital payments, Unified Payments Interface( UPI), IMPS (Immediate Payment Service) & BHIM (Bharat Interface for Money) registered a new record in the amount of cash transaction in January 2020.Key Highlights:
i.Record by IMPS:
It handle much of the online payments via internet banking, round the clock (24×7) & registered a total of 25.95 crore transaction, aggregating Rs.2.16 lakh crore in the first month of the calendar year 2020.While in previous month (i.e December 2019), it recorded 25.64 crore transaction, totaling Rs.2.10 lakh crore.
ii.Record by UPI:
It replicated its volume of transactions of 1.3 billion with value of transactions to Rs 2.16 trillion (Rs 2,16,241 crore ) in January 2020.While in December 2019 it witnessed 130.8 crore transaction, totaling to Rs. 2.02 lakh crore.
iii.Record by BHIM:
This app also registered all time high volume of transactions with 1.85 crore transaction worth Rs.6611.22 crore in January 2020.Whereas in December 2019 it recorded 1.78 crore transaction worth Rs. 6316.37 crore.
iv.In order to promote digital payments the FM announced that no MDR (merchant discount rate) charges will be applicable on transactions/ payments done via RuPay and UPI platforms beginning January 1, 2020.
v.FASTags in December 2019: As per NPCI, a total of 24 banks issued the FASTags, which increased by more than 47% to 1.16 crore in December 2019 as against 79.01 lakh crore in November 2019.The amount of payments via FASTags also doubled to Rs.6.43 crore transaction in December 2019, amounting Rs.1,256.84 crore as compared to 3.49 crore transaction worth Rs.773.95 crore in November 2019.
FASTag: It is an electronic toll collection system in India, operated by the National Highway Authority of India (NHAI).
MDR: It is the is the rate charged to a merchant for payment processing services on debit and credit card transactions.
Bharat Interface for Money (BHIM):It is a mobile payment App developed by NPCI & is interoperable with other UPI applications, and bank accounts for quick money transfers.
About National Payments Corporation of India (NPCI):
Headquarters- Mumbai, Maharashtra
MD & CEO– Dilip Asbe