UPI Churns Out 900% Annual Growth; Paytm Crosses 100 Crore Monthly Sessions!
Digital India took massive leaps in the month of August and September.
Digital India took giant leaps this month, as evident from the fresh numbers coming in from various sources.
While Paytm, India’s biggest mobile app has claimed 100 crore monthly sessions, and mind boggling 290 billion transactions a month, UPI too has claimed a big victory with 30 crore monthly transactions.
Paytm has just launched their Paytm Money app, and the future of Digital India looks promising!
Paytm: 100 Crore Monthly Sessions
In a blog published by Paytm, it has been revealed that for the first time ever, their mobile wallet has breached the 100 crore monthly sessions mark. 9.2 crore active users of Paytm are now logging into Paytm more than 100 crore times in a month.
No other mobile wallet in India can claim these massive numbers.
In the month of August, Rs 29,000 crore worth of GMV of Gross Merchandise Value was transacted on Paytm, as their active users shopped for products, transferred money and received money from others.
It seems that Paytm’s Money Transfer feature is now generating maximum usage.
Paytm said, “We are the single largest platform in India for Money Transfers providing convenient means to pay house-rent, salaries, groceries, school/tuition fee and more.”
Paytm’s QR Mode of payments is also getting more popular, as more than 85 lakh merchants are now using the QR Code to accept payments.
As per Paytm, they are receiving 30,000+ requests daily from merchants to issue QR Codes.
Paytm’s incredible usage base and millions of transactions will no doubt help them to leverage their new Paytm Money app, and convert mobile wallet users into financial investors.
UPI: 30 Crore Monthly Transactions!
NPCI powered UPI or Unified Payment Interface has set a new record: Now, they are processing more than 30 crore transactions in a month, which is their highest till date.
In the month of July, UPI processed 23 crore transactions, which has now increased by 32% to reach 30 crores in the month of August.
Total of Rs 54,000 crore worth of transactions took place in August, using UPI.
These numbers seem significant because, in the month of September last year, UPI managed just 3 crore transactions, whose combined value was Rs 5293 crore. This means that in a year, UPI has managed 900% growth in terms of monthly transactions.
Average transaction value for UPI in the month of August was Rs 1800.
Note here, that Paytm too uses UPI to enable money transfer, and is one of the biggest platforms for UPI based transactions.
Now, as Google Pay (previously Tez) too relying on UPI, we can witness more users, and more transactions. Besides, UPI 2.0 has already been launched, which promises even more stunning features.
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