National Payments Corporation of India (NPCI), the umbrella organization for all retail payment systems in the country has announced that its product Unified Payments Interface (UPI) has crossed 10 million transaction mark in June 2017. The transaction volume has risen to 10 million in 11 months from less than one million in August 2016. UPI volume during last three months was 7.20 million, 9.36 million and 10.35 million in April, May and June 2017 respectively. Unified Payments Interface was launched in August 2016 with 21 banks, it is currently being offered by about 50 banks.
UPI volume during last three months was 7.20 million, 9.36 million and 10.35 million in April, May and June 2017 respectively. Unified Payments Interface was launched in August 2016 with 21 banks, it is currently being offered by about 50 banks. UPI merchant base is growing at a rapid pace. Out of the total UPI transaction volume, about 22 per cent are merchant based.
Mr. A. P. Hota, MD & CEO, NPCI said, “Transactions on UPI is growing exponentially due to increased acceptance among member banks, merchants and consumers. Usage of UPI powered BHIM App (Bharat Interface for Money) has also been a significant contributor. Our current focus is on the release of next version of BHIM App with enhanced functionalities.”
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 a mobile number or Payment address. It is a unique payment solution which empowers an individual with immediate send and collect request. 
Currently supported Banks
Allahabad Bank | Andhra Bank | Axis Bank | Bank of Baroda | Bank of India | Bank of Maharashtra | Canara Bank | Catholic Syrian Bank | Central Bank of India | City Union Bank | Corporation Bank | DBS Bank | DCB Bank Ltd. | Dena Bank | Federal Bank | HDFC Bank |HSBC | ICICI Bank | IDBI Bank | IDFC Bank | Indian Bank | Indian Overseas Bank | IndusInd Bank | Jammu & Kashmir Bank | Karnataka Bank | Karur Vysya Bank | Kotak Mahindra Bank |Lakshmi Vilas Bank |Oriental Bank of Commerce | Punjab National Bank | Punjab & Sind Bank | RBL Bank | Saraswat Bank | South Indian Bank | Standard Chartered Bank | State Bank of India (SBI) & Associate Banks | Syndicate Bank | TJSB | UCO Bank | Union Bank of India | United Bank of India | Vijaya Bank | Yes Bank Ltd
