Regarded as the umbrella organization for all retail payment systems in India, The National Payments Corporation of India (NPCI) in a recent move has announced that the Unified Payment Interface (UPI) is now supported by fifty banks across the country. Banks such as Thane Bharat Sahakari Bank, Apna Sahakari Bank, Janata Sahakari Bank, The Mehsana Urban Co. Op. Bank and Vasai Vikas Sahakari Bank have all started contribution UPI based transactions lately. The Saraswat Bankand Equitas Small Finance Bank, both has shown their interest to unite the platform. Well, it is expected that by the end of April 2017, the total volume of transactions was 7 million, up from 6.2 million in March.
Dilip Asbe, Chief Operating Officer, NPCI said, “The UPI ecosystem now covers all Public Sector Banks and major private banks. Now we are in the process of extending the service for co-operative bank customers. UPI’s growing merchant base is also helping its users to make digital transactions seamlessly.”
Also, there were extra details exposed about the future feature updates to the BHIM application launched by Prime Minister Narendra Modi in December 2016. The expected updates might include more languages, facility to split bills, and integration of Bharat QR code for making payments. The NPCI also re-iterated that the BHIM app referral scheme is gaining momentum. According to the scheme, around Rs 395 crores is being given to both referrer and referee users of the BHIM app, between 14 April, 2017 and 14 October, 2017.
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