India’s Rising Digital Economy: UPI Transactions Increase 30 Per Cent In September To Cross 40 Crore Mark

Unified Payments Interface (UPI) transactions crossed the 40 crore mark in September, data from National Payments Corporation of India (NPCI) suggested, Economic Times has reported. As per the report the transactions jumped by 30 per cent in September.

The payment mode is being adopted at a faster pace for paying taxi fares, offline purchases, bill payments and taxi rides.

In terms of the value of transactions, UPI handled Rs 59,835 crore in September against Rs 54,212 crore in August, a 10.3 per cent jump. The growth has been aided by adoption of the platform by Paytm, Google Pay, Phone Pe and Flipkart.

Paytm recorded 137 million UPI transactions. “More than 20 per cent of all payments made on Paytm are being done through BHIM UPI, with mobile recharge and payments, electricity and water bills, and DTH recharges witnessing the highest adoption rate,” Senior Vice-President at Paytm, Deepak Abbot told Economic Times.

UPI is a system that powers multiple bank accounts into a single mobile application. It also caters to the “peer-to-peer” collect request which can be scheduled and paid as per requirement and convenience.