UPI crosses 10 billion monthly transaction mark

- Advertisement -

The Unified Payments Interface (UPI) achieved a significant milestone, surpassing 10 billion monthly transactions after more than 7 years of growth. As of August 30, UPI recorded 10.24 billion transactions valued at Rs 15.18 lakh crore (Rs 15.18 trillion), surpassing the previous record set in July. With one more day left in the month, both volume and value are expected to increase.

This achievement marks a substantial development for UPI, which first crossed 1 billion monthly transactions in October 2019. According to NPCI chief Dilip Asbe, UPI’s growth potential remains high, with the possibility of reaching 1 billion daily transactions in India.

In terms of market share, PhonePe maintained its dominance with over 47% in volume for July, while Google Pay and Paytm held 35% and 13% respectively. August’s market share data is pending.

The Indian government is actively expanding UPI support internationally, with plans to launch the service in New Zealand and other regions like North America, the Middle East, and more European countries, following its successful implementation in Bhutan, Nepal, Singapore, and France.

To promote microtransactions and digital payments in offline mode, the RBI, in collaboration with NPCI, introduced UPI Lite in September 2022. Major UPI platforms like Google Pay, PhonePe, BHIM, and Paytm have adopted UPI Lite, and the RBI recently increased the offline transaction limit for the lite version from Rs 200 to Rs 500.UPI

- Advertisement -

Share this article...

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More News...

Latest

Download Budget 2024-25 PDF, Budget important points and Highlights PDF

Download Budget 2024-25 PDF, Budget important points and Highlights PDF

Govt launches internship scheme for youth, Rs.5000 will be given monthly to Youth

Govt launches internship scheme for youth, Rs.5000 will be given monthly to Youth

Good news for Employees! Govt announced to review NPS and make changes in pension scheme

Good news for Employees! Govt announced to review NPS and make changes in pension scheme

Budget 2024: PSU banks will develop in-house capabilities for credit assessment of MSMEs

PSU banks will develop in-house capabilities for credit assessment of MSMEs

Budget 2024: Mudra Loan Limit increased to Rs.20 Lakh

Budget 2024: Mudra Loan Limit increased to Rs.20 Lakh

Income Tax Rate changed, Check new Income Tax Slab in 2024

Income Tax Rate changes, Check new Income Tax Slab

Rs.25 crore Fraud in SBI: CBI Books Private Firm and Directors for Cheating SBI of Rs 25.62 Crore

Rs.25 crore Fraud in SBI: CBI Books Private Firm and Directors for Cheating SBI of Rs 25.62 Crore

Latest News