The UPI transactions sees an increase of 30% in September

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Transactions on Unified Payment Interfaces (UPI) increased by 30% in September because more people start using mobile based fund transfer mechanisms to pay for offline purchases, bill payments, taxi rides and other purposes.

With the digital purse affected by stringent rules, including the customer certification rule of the Reserve Bank of India, more consumers are choosing the UPI, which provides real-time bank-bank fund transfer facility.

UPI Transactions News

In September, the UPA transactions went from 312 million to 405 million last month, showing data from India's National Payment Corporation.

In terms of value, the UP registered an increase of Rs. 59,835 crore in September to Rs. 54,212 crore in August, 10.3%.

In September last year, the UPA had committed 30 million transactions of Rs 5,293 crore.
The continuous growth of the UPA is mainly driven by popular adoption apps like Petmons, owned by Flipkart, and rapid adoption of Google Pay.

The country's largest digital payment company, Patyam, recorded 137 million UPA transactions in September, coming from the lion's offline transaction. The company said that 5 million out of 9.5 million offline traders have accepted the UPI as a method of payment.

Deepak Abbott, senior vice president of Patmium said, "More than 20% of all the payments made on the PTM are being done through the UIPI, mobile recharge and payment, electricity and water bills, and DTH recharge is the highest adoption Is seeing the rate. "
The government-run UPA app, the BHIM (or India Interface for Money) reported a slight decline in the amount of 16.5 million transactions in September from 16.5 million in September. The share of total UPA transactions fell to 4% in September with a decline of one percent.


For prepaid payment instruments, or mobile wallet, the transaction started again in July after the month-to-month decline in the previous month. In July, PPI registered 332.9 million in June and 350 million to 351.8 million transactions in May.

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