RuPay

Rupay transactions valued at Rs 5,000 crore were carried out during the first quarter (April-June) of 2018 on Point of Sale (PoS) and e-commerce platforms, the National Payments Corporation of India's (NPCI) said on Monday.

Monthly transaction volumes of RuPay cards on PoS and e-commerce platforms was 4 crore during the first quarter of 2018. The transaction volume and value during the pre-demonetisation period were about 1 crore and Rs 1,500 crore respectively, NCPI said.

"The nation has taken a target of achieving 25 billion digital payments transactions mark in fiscal 2018. 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," Hota said.

Recent use cases on RuPay contactless like the Kochi, Ahmedabad and Bangalore Metropolitan Transport Corporation (BMTC) are poised to significantly contribute towards digital transactions through RuPay cards, A P Hota, MD & CEO, NPCI, said.

The recently introduced Bhim and Bhim Aadhaar are also showing positive trends, Hota said.

The Bhim Aadhaar is based on NPCI's Aadhaar Enabled Payment System (AePS). AePS volume was 5 crore, 6 crore and 7 crore for April, May and June 2017 respectively. Bhim Aadhaar was launched by Prime Minister Narendra Modi on April 14, 2017 and is currently offered by over 1.34 lakh merchants.

NCPI said that transactions through Unified Payments Interface (UPI) have crossed 1 crore valued at Rs 3,000 crore. UPI volumes were 0.72 crore, 0.93 crore and 1.03 crore in April, May and June 2017 respectively, it said.

The government-backed UPI links bank accounts to facilitate quick and seamless transactions and got a big thrust recently with the Narendra Modi administration's push towards cashless payments. According to NPCI data, about 6.9 million transactions were carried out through UPI in April.

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