UPI transaction volume hits 76.8 million in October
Transactions across the Unified Payments Interface (UPI) touched a new peak in October.
The transaction volume was 76.8 million, up 150% from 30.8 million in the previous month, figures released by National Payments Corp. of India (NPCI) on Thursday showed.
The value of transactions rose 33% to ₹7,057 crore in October from ₹5,293 crore in September.
In the last one year, the UPI transaction volume has risen over 700 times, NPCI data showed.
“UPI transactions: Oct 20160.1 million, Oct 2017- 76.96 million. What a story!,” Infosys Ltd co-founder and chairman Nandan Nilekani tweeted on Wednesday.
UPI is a payments system launched by NPCI that facilitates instant fund transfer between two bank accounts on a mobile platform, without requiring any details of the beneficiary’s bank account. NPCI is the umbrella organisation for all retail payments in the country.
Transactions through UPI received a major stimulus from the government after Prime Minister Narendra Modi launched the Bhim (Bharat Interface for Money) app on December 30.
AccordingtoNPCI,around7.6 million transactions have taken place on the Bhim app in October. The value of transactions on Bhim recorded for October is around ₹2,348.7crore i.e. around 33% of total value of UPI transactions recorded in October.
NEW DELHI:
Complex rules at the municipal level in Delhi and Mumbai on parameters such as starting abusiness, dealing with construction permits and registering property continue to dog India’sDoingBusinessrankings.
This, despite India jumping30 positions to 100th place among 190 countries in the latest edition oftherankingsreleasedonTuesdaybytheWorldBank,basedon fieldsurveysandinterviewswith corporatelawyersandcompany executivesinDelhiandMumbai.
With a weightage of 53% and 47% respectively, the banktakes these twocities to berepresentative samples for India. Hence, easier business rules in the two municipalities will further boost India’s ranking.
For example, the bank notes thatthoughIndiahasreducedthe time needed to register a new businessto30daysnow,from127 days 15 years ago, the number of procedures is still cumbersome forlocalentrepreneurswhoneed to go through 12 to start a businessinMumbaiagainst11inNew Delhi. This is considerably higher than high-income countries where it takes five procedures on average. Though centralregulationssuchastheCompaniesAct,2013,playamajorrole in starting a business, state and local level regulations have played a role in India’s dip in rankingsinthisparameterto156.
Though India’s ranking in dealing with construction permits improved by four positions to 181, the parameter remained the country’s Achilles heel.
FinanceministerArunJaitley whilebriefingreportersonTuesdaysaid the central government has been nudging state governments to move all construction permitapplicationsonline. “This reduces cost and eliminates corruption.InmanycasesinDelhi,it has been done,” he added.
Though in getting an electricityconnection,Indiahasadecent rank of 29 even after a drop from lastyear’srankingof26,thereisa significant difference in cost of getting a connection between DelhiandMumbaiwithscopefor furtherimprovement.Measured as a percentage of per capita income, cost of getting an electricity connection in Mumbai is 18.7% while in Delhi it is 165.8% againstanaverageof63%inmost developed countries.
NEW DELHI: