National Payments Corporation of India (NPCI), the central infrastructure for various retail payment systems in India is targeting 11 billion transactions in FY2017-18.
A.P. Hota, MD & CEO, NPCI said, “The nation has taken a target of achieving 25 billion digital payments transactions mark in FY2017-18. Last year, the volume of digital payments was 9.2 billion of which 3.5 billion had been contributed by NPCI. This year, we are aiming to contribute about 11 billion digital transactions.”
Recently introduced BHIM and BHIM Aadhaar are also showing positive trends. BHIM Aadhaar, based on NPCI’s Aadhaar Enabled Payment System (AePS) has shown volume of 5 crore, 6 crore and 7 crore for April, May and June 2017 respectively. BHIM Aadhaar was launched on April 14 is currently being offered by around 1.34 lakh merchants. On the other hand, UPI has crossed 1 crore transactions valuing Rs. 3,000 crore. UPI volume (UPI, BHIM and USSD 2.0 – *99#) was 0.72 crore, 0.93 crore and 1.03 crore in April, May and June 2017 respectively.
National Payments Corporation of India’s (NPCI) is proud to announce that RuPay card’s monthly transaction volume on Point of Sale (POS) and e-commerce stands at 4 crore valuing about Rs. 5,000 crore during Q1 FY 18. The transaction volume and value during pre-demonetisation period were about 1 crore and Rs. 1,500 crore respectively. Recent use cases on RuPay contactless like Kochi, Ahmedabad and Bangalore Metropolitan Transport Corporation (BMTC) are poised to significantly contribute towards digital transactions through RuPay cards.
Bharat Interface for Money (BHIM) is a smart mobile phone based app based on Unified Payments Interface (UPI) 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 virtual payment address. It is a unique payment solution which empowers an individual with immediate send and collect request.