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BofA payments app for businesses handled record $500 billion by mid-year

Economic TimesEconomic Times · 1y ago
BofA payments app for businesses handled record $500 billion by mid-year
Medial

Bank of America reported that its corporate clients have approved a record $500 billion in payments through its CashPro app by mid-year, a 40% increase from the same period last year. The bank projects that payments on the app will surpass $1 trillion this year, up from $802 billion in 2022. This surge in usage reflects the growing trend of banks investing in apps that allow corporations to manage their finances on mobile devices. The global payments industry has seen a significant increase in revenues, reaching over $2.2 trillion in 2022, with commercial accounts contributing 53% of the total. Bank of America's broader payments business processes nearly $2 trillion in transactions daily.

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UPI sets new record with more than 15 Bn transactions in Sept

EntrackrEntrackr · 11m ago
UPI sets new record with more than 15 Bn transactions in Sept
Medial

Unified Payments Interface (UPI) has achieved a significant milestone by processing over 15 billion transactions in a month for the first time in September. Data published by the National Payments Corporation of India (NPCI) indicates that UPI recorded 15.04 billion transactions valued at Rs 20.64 lakh crore or Rs 20.64 trillion. In August, the number of transactions stood at 14.96 billion, amounting to Rs 20,60,735.57 crore. This reflects a 0.5% month-on-month growth and a 42% year-on-year increase. Notably, UPI surpassed the 10 billion transaction mark for the first time in August of last year. As a result, average daily transactions have also exceeded 500 million. According to UPI data analyzed by Entrackr, UPI reached 500 million daily transactions for the first time on July 2, 2024. While the app-wise breakdown data is yet to be published by NPCI, PhonePe held a 48.36% market share by volume in August, followed by Google Pay with 37.3% and Paytm with 7.21%. CRED has emerged as the fourth largest player in UPI transactions, with new entrants like Flipkart, NAVI, and BharatPe also making strides in the consumer-facing payments sector. Sources from Entrackr indicate that Infibeam Avenues is set to enter the UPI market with its new payment app, RediffPay. In addition to its growth in India, NPCI has launched instant payment services in various countries, including Singapore, France, Mauritius, Nepal, Bhutan, Sri Lanka, and the UAE.

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