1 Billion UPI Transactions Worth Rs 1.9 Trillion In 15 Days: UPI Grows 100% In 1 Year!
According to the Reserve Bank of India’s (RBI’s) settlement data of select payment systems, Unified Payments Interface (UPI) crossed 1 billion transactions in volume by mid-October.
Read on to know more…
UPI Sees 2x Y-o-Y Growth!
In October 2019, UPI had crossed for the first time the milestone of 1 billion transactions in volume in a month. While this year, the year-on-year (Y-o-Y) growth is 2 times as a record of 1 billion transactions has been achieved in the first 15 days of October.
This will be a major accomplishment for UPI, a digital payment system owned by the National Payment Corporation of India (NPCI) since its launch in 2016.
In September 2020, UPI had registered the largest-ever volume of transactions at 1.98 billion worth Rs 3.29 billion.
According to the RBI data, from October 1 to 15, the digital payment system has posted 1 billion (1,013 million) transactions amounting to Rs 191,986.9 crore.
As per another RBI report, the digital payments (includes RTGS, UPI, NEFT, AePS, and IMPS) have increased by 134% from 14,590 million in FY18 to 34,345 million in FY20. In FY20, among other contactless modes of payment, UPI has reported the highest volume of transactions at 12.5 billion (12,518.6 million).
According to Sensor Tower’s recent data, the most downloaded fintech app across the world for the month of September this year was Google Pay. It was downloaded over 12 million times in the same month, with 80% downloads comprising from India.
PhonePe, Paytm and SBI’s YONO secured the position of 4th, 6th and 10th rank respectively in the top 10 list. PhonePe, Paytm and SBI YONO’s downloads were registered at 6.9 million, 3.9 million, and 3.1 million respectively.
The UPI’s Secret For Its Growing Success?
Since the onset of the COVID-19 pandemic, users are avoiding the use of physical currency for the fear of catching the disease. Hence, the users are opting for a contact-less mode of payment like UPI. The government is also encouraging the same.
With the major e-commerce platforms like Amazon, Flipkart, Paytm Mall conducting their festive sales with discounts and offers, the experts believe that the growth of digital transactions will be further boosted.
The digital payment platforms like Google Pay, PhonePe, Amazon Pay, and Paytm are also offering discounts during the festive sale.
Owing to the pandemic and festive sales, the UPI is expected to record over 2 billion transactions by this month-end.