Of the total UPI transactions in September 1633 million amounting to 7 06486 crore took place on the Bharat Interface for Money BHIM platform Photo Abhijit Bhatlekar Mint New Delhi Monthly transactions through the unified payments interface UPI crossed the 400-million mark for the first time in September data released by the National Payments Corporation of India NPCI showed today 40587million UPI transactions amounting to 59 83536 crore were carried out during September a 30 jump over 31202 million transactions worth 54 21226 crore in August Of the total UPI transactions in September 1633 million amounting to 7 06486 crore took place on the Bharat Interface for Money BHIM platform However it is not clear whether the data includes transactions with debit credit in the same account for September NPCI did not mention anything on its website regarding such transactions as it did while releasing figures for August In a move aimed at curbing fake transactions and regulate fintech companies from inflating their UPI transaction numbers NPCI had asked banks to stop transactions from 1 August that originate from different UPI applications with the debit and the credit happening in the same account UPI transactions had for the first time crossed the 300-million mark in August for the first time The sharp rise in transactions over the last one month comes at a time when the Supreme Court has ruled that Aadhaar linkage with bank accounts is not mandatory In UPI a user can send money to an individual using her Aadhaar number linked to the bank account Other methods to send money via UPI includes a virtual payment address VPA and bank account details of the receiver The VPA resembles an email ID For example you can have a VPA as rishi21 axis or shruti icici You only give your merchant this address which can store your payment details against this They never even get to see your bank account number It is very simple to create a VPA and even change it On 16 August NPCI launched UPI 20 an upgraded version of UPI with several new features including an overdraft facility enabling customers to link their overdraft accounts with UPI UPI is a payments system launched by NPCI the umbrella organization for all retail payments in India that facilitates instant fund transfer between two bank accounts on a mobile platform without requiring any details of the beneficiarys bank account Till now there have been more than 316 million downloads of the BHIM app on the Android platform and around 163 million on the iOS platform UPI transactions received a major stimulus after Prime Minister Narendra Modi launched the BHIM app on 30 December 2016 In the last one year the monthly UPI transaction volume has gone up by more than 2 000 according to NPCI data First Published Mon Oct 01 2018 11 06 PM IST