National Payments Corporation of India (NPCI), the umbrella organisation for all retail payments systems in the country, has achieved a landmark of 1 billion transaction volume in July 2017.
NPCI had started its services in January 2010 with a monthly transaction volume of about 50 million. In a time span of over seven years, the transaction volume has grown approximately 20 times.
A P Hota, MD & CEO, NPCI, said, “It gives us a great deal of satisfaction that NPCI has truly emerged as the powerhouse of all financial transactions in India. It is a great achievement to join the leagues of reputed payment institutions which process billions of transactions every month globally.”
The 1 billion transactions pertain to all types of payments handled by NPCI from cheque clearing and ATM clearing to IMPS, UPI, BHIM, RuPay, POS, Ecommerce and also Aadhaar-based payments, Hota said in a statement.
There are now 12 payment systems operated by NPCI.
“Highest growth has been seen in the mobile payments and Aadhaar-based payments. This change was achieved by way of adding new products to NPCI’s portfolio and widening the membership of all products. The next logical target can be a billion transactions a day may be in three years,” Hota added.