PC: Telengana Today
A new high was marked by the Unified Payments Interface, which clocked over 15 billion transactions in a month for the first time-ever in September, said the NPCI. The National Payments Corporation of India released data that said UPI had enabled transactions to the tune of 15.04 billion worth Rs 20.64 lakh crore or Rs 20.64 trillion during the month.
This is the largest month-to-month growth of 0.5%, which marks a notable 42% year-on-year increase, reflecting the exponential growth and wide acceptance of UPI as the favored digital payment option in India. The impressive rise in the transaction volume is a testimonial of how efficiently and seamlessly the payment ecosystem, established by UPI, has helped all different financial needs of all users across the country.
The growth trajectory of UPI has been further sustained by the fact that for the first time in August last year, the 10 billion transaction mark was crossed, which is an important indicator that the platform is gaining rapid popularity and acceptance amongst consumers and businesses alike. Another significant indicator is that the average daily transactions on UPI have crossed 500 million, indicating the performance of the platform in respect of strength and reliability in facilitating swift and secure transactions.
Despite waiting for the much-needed data on a detail app-wise break-up from NPCI, key players in the UPI ecosystem have stamped their authority in the digital payment landscape. The leading contender in this pack is PhonePe, which allegedly captured 48.36% in terms of volume in August 2022. Google Pay comes second with 37.3%, while Paytm takes the third spot with 7.21%. Notably, new players like CRED have now become substantial challengers. Newer entrants also include Flipkart, NAVI, and BharatPe, which have shown strong strength in the competitive consumer-facing payments area.
Exciting times ahead for the UPI ecosystem, reports indicate Infibeam Avenues is all set to enter the UPI space with its new payment application RediffPay. An entry that would bring fresh competition and new offerings, complementing the digital payments landscape by making it easier to get the money and make its way into the consumers’ pockets.
Other than a stupendous performance within India, considerable ground has been covered in its global presence due to the introduction of instant payment services across various countries that include Singapore, France, Mauritius, Nepal, Bhutan, Sri Lanka, and the UAE. In this regard, strategic expansion will come forth committed by NPCI in driving financial inclusion through digital payment solutions at a global level. This would be toward an increased ease for users across borders with greater connectivity.
As UPI continues its upward trajectory and redefines the digital payments ecosystem, the platform’s success in processing over 15 billion transactions in September is unprecedented testimony to its resilience, innovation, and commitment to delivering seamless and secure payment experiences for millions of users across the country.
