UPI achieved massive record-breaking transactions
Unified Payments Interface (UPI) has been blessed with a significant milestone by managing over 15 billion transactions in the month of September, for the very first time.
In the history of UPI, it has been recorded such a milestone which has crossed all level.
There is a data which is published by the National Payments Corporation of India (NPCI) which indicates that UPI recorded 15.04 billion transactions which were valued at Rs 20.64 lakh crore or Rs 20.64 trillion.
Value of UPI Transactions for the last 5 months
The NPCI data shows that the average daily transaction amount has stood up at 501 million and the average daily transaction amount reached up to Rs 68,800 crore which is a significant rise from Rs 66,475 crore in August.
In August, the number of transactions stood at 14.96 billion, amounting to Rs 20,60,735.57 crore.
This reflects a 0.5% month-on-month growth and a 42% year-on-year increase. Notably, UPI surpassed the 10 billion transaction mark for the first time in August of last year. As a result, average daily transactions have also exceeded 500 million.
In addition to this, NPCI data had shown that the Immediate Payment Service (IMPS) recorded 430 million transactions in September, amounting to Rs 5.65 lakh crore.
Other payment methods such as the Aadhaar-Enabled Payment System (AePS) processed 100 million transactions, whereas Fastag volumes for September reached 318 million- which is a 7% increase for a month generating Rs 5,620 crore.
PhonePe leading the market in August
The Walmart owned company, PhonePe dominated the UPI payments market with a share of more than 48%. The chronology was followed by Paytm and Google.
The app-wise data for the month of September is yet to be published, still the NPCI and government earlier proposed a 30% market share cap in the UP segment. This is done to aim for preventing market concentration and reducing risk of duopoly.
Read more about it here- UPI: UPI sets new record as transaction volume crosses 15 billion – The Economic Times (indiatimes.com)
Other players in the market and their contributions
While the app-wise breakdown data for September is yet to be published by NPCI, PhonePe held a 48.36% share in market by volume in August, which was followed by Google Pay with 37.3% and Paytm with 7.21%.
The firm CRED has emerged as the fourth largest player in UPI transactions along with new comers like NAVI, Flipkart and BharatPe also making space in the customer-facing payments sector.
The sources indicate that Infibeam Avenues is set to enter the UPI market with its new payment application- RediffPay.
Functional countries
As UPI continues to break records, it is clear that digital payments are becoming increasingly embedded in the daily lives of Indians, paving the way for a more cashless economy.
With its rising growth in India, NPCI has also launched instant payment services in various countries inclusive of France, Nepal, Singapore, Bhutan, Mauritius, the UAE and Sri Lanka.
Conclusion
Unified Payments Interface (UPI) has been blessed with a significant milestone by managing over 15 billion transactions in the month of September, for the very first time.
There is a data which is published by the National Payments Corporation of India (NPCI) which indicates that Unified Payments Interface recorded 15.04 billion transactions which were valued at Rs 20.64 lakh crore or Rs 20.64 trillion.
The NPCI data shows that the average daily transaction amount has stood up at 501 million and the average daily transaction amount reached up to Rs 68,800 crore which is a significant rise from Rs 66,475 crore in August.
In addition to this, NPCI data had shown that the Immediate Payment Service (IMPS) recorded 430 million transactions in September, amounting to Rs 5.65 lakh crore.
While the app-wise breakdown data for September is yet to be published by NPCI, PhonePe held a 48.36% share in market by volume in August, which was followed by Google Pay with 37.3% and Paytm with 7.21%.
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