The Unified Payments of India (UPI) transactions have reached a new peek in the month of October with an all-time of approximately 77 million. This data has been released by National Payments Corporation of India (NPCI) on Thursday. In the month of October, the UPI transactions across the network rose to around 33 per cent by Rs 7,057 crore than Rs 5,293 crore in September.
In the month of September, the UPI transaction volume was 30.8 million than the 16.8 million transactions in the month of August. Thus, there has been a steep rise in the UPI transactions in the month of October of up to 150 per cent. The NPCI data showed that the UPI transactions have risen to over 700 times in the last one year.
The reason for this considerable jump in the transactions could be the e-commerce sales and adoption of UPI. The recent Diwali festival could be one of the reasons for this increase in the UPI transaction. The rise in the September and October UPI rate could be because of the e-commerce industry sales that have generated $1.5 billion in sales. PhonePe, the Flipkart subsidiary app has also stated that it had 16 million transactions across all payment methods available on the platform.
The other factor for this growth in the UPI transactions could be because of Google launching its UPI payments apps. In the beginning of this year, Truecaller and Uber (in the month of August) began rolling out UPI payment options to their customers. As per a report, the Google ‘Tez’ app was downloaded by 7.5 million people in just a matter of five weeks after its launch. This has led to a 767 per cent of the total mobile payments market share.
It may be noted that NPCI has launched the UPI system which facilitates instant fund transfer between two bank accounts on a mobile platform with ease. This system does not require any of the beneficiary’s bank account details and so safety is maintained.
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