UPI: Achieves new milestone of 918 Mn transactions in last month
By MYBRANDBOOK
UPI has broken all previous records and clocked 918.35 million transactions worth Rs 1,54,504.89 crore in August, a remarkable leap of 11.68% from July 2019. For the NPCI-owned digital payment railroad, achieving two consecutive feats of crossing 800 million mark in July and 900 million mark in August is a strong testimony to the increasing acceptance of the digital transactions in India. Cashless transactions have now become simpler and convenient thanks to BHIM.
According to a report by RBI for FY19, UPI has outnumbered transaction via debit and credit card. The report revealed that with 5.35 billion transactions, UPI exceeded the number of payments made on debit cards in FY19, which stood at 4.41 billion. A recently concluded Boston Consultancy Group’s report on digital payments landscape in India also highlighted the future growth for UPI. It said that UPI would dominate the payments space with 59% payments transactions, followed by mobile and internet-based payments.
The significant contribution in UPI volume comes from three digital payment leaders – Phonepe, Google Pay and Paytm. While Paytm market share declined in the past six months due to shifting focus on merchant-based UPI payments, Google Pay and PhonePe grab the market and combined contribute close to 700 million in overall volume. A report says, Paytm saw a sharp decline in Unified Payments Interface (UPI) transactions in July, at the same time Noida-based digital payments company Google Pay and PhonePe increased their market share to No.2 and No.1,where Paytm has shifted to No.3..Further, Paytm clocked less than 140 million transactions on UPI, whereas, Google Pay and PhonePe registered around 300 million transactions each last month.
Further, to promote the number of UPI transactions, NPCI has capped merchant discount rate (MDR) for small ticket size at zero and a maximum of Rs 100 for large ticket size. Apart from UPI, NPCI-owned IMPS has also recorded its highest volume as well as value in a transaction in August. The inter-bank electronic fund transfer system has recorded 200.14 million transaction worth Rs 1,88,886.25 crore against 189.28 million amounting to Rs 1,82,021.01 crore in July.
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