New Delhi, Sep 03: In the latest development, The digital transactions through UPI (unified payments interface) has crossed Rs.30 crores in August, All India Radio News tweeted on Monday.
In July, there were 23.56 million transactions. There is a 32 percent increase in the transactions in one month, Business Today reported. There has also been a money transfer of Rs 54,000 crore in August.
The average transaction size remained at Rs 1,800 per month.
UPI is a payment system developed by National Payments Corporation of India (NPCI) that enables transfer of money from one bank account to another bank account.
The money transfer can be made through a mobile using single application for accessing different bank accounts. UPI was launched in 2016.
How to get UPI?
Each bank has its own UPI app for Android, iOS and Windows. The bank account must be linked with your mobile phone number. You need a smart phone with internet and a debit card to set MPIN (Mobile banking personal identification number).
Once the application is downloaded, the bank account details are registered and MPIN is set, the service is activated. The funds transfer limit is Rs 1 lakh per transaction, which may vary from bank to bank.