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UPI achieves 10% month-on-month growth in October

EntrackrEntrackr · 10m ago
UPI achieves 10% month-on-month growth in October
Medial

Unified Payments Interface (UPI) witnessed decent growth in transaction volume and value from September to October 2024. In October, the digital payment platform recorded 16.58 billion transactions, a 10% increase from September’s 15.04 billion, according to data published by the National Payments Corporation of India (NPCI). The transaction value surged 14% to Rs 23.50 lakh crore in October from Rs 20.64 lakh crore in September. This growth was fueled by a 45% year-over-year rise in transaction count and a 37% rise in transaction value. Moreover, average daily transaction volume increased from 501 million in September to 535 million in October, with the daily transaction amount reaching Rs 75,801 crore, a noticeable increase from Rs 68,800 crore the previous month. In September, PhonePe maintained its leading position in India’s UPI market with a 48% share of transaction volume. Google Pay came in second with 37.4%, followed by Paytm in third place with 7%. The market share data for October has yet to be released. Recently, the National Payments Corporation of India (NPCI) granted approval to One97 Communications Limited, Paytm's parent company, to onboard new users onto its UPI platform. The new authorization is expected to help the Noida-based company expand its user base and enhance its market share in the competitive UPI sector. In recent weeks, NPCI has implemented significant changes to UPI transaction limits. The upper cap for certain types of UPI payments has been raised to Rs 5 lakh, while the limits for UPI Lite Wallet and UPI 123Pay have also been increased. These adjustments are intended to encourage greater digital transaction adoption, supporting the Indian government’s ambitious goal of achieving 1 billion transactions per day by 2026-27.

UPI records 6.6% dip in November, maintains 38% YoY growth

EntrackrEntrackr · 9m ago
UPI records 6.6% dip in November, maintains 38% YoY growth
Medial

Unified Payments Interface (UPI) processed 15.48 billion transactions worth Rs 21.55 lakh crore in November. This reflects a 6.6% decline in transaction count and an 8.3% decline in transaction value compared to October 2024, which recorded 16.58 billion transactions worth Rs 23.50 lakh crore. The digital payment platform recorded a 10% surge in volume in October compared to September’s 15.04 billion transactions. However, UPI saw year-on-year (YoY) growth of 38% in transaction count and 24% in transaction amount last month, while the daily averages stood at 516 million transactions, amounting to Rs 71,840 crore. In October, PhonePe’s market share saw a minor drop to 47.66% from 48% in September. Google Pay and Paytm’s market shares by volume remained unchanged. For the first time, Navi surpassed CRED to become the fourth-largest player in UPI by volume. The market share data for November has yet to be released. UPI has expanded its reach beyond India, now offering services in countries such as Sri Lanka, Mauritius, France, the UAE, Singapore, Bhutan, and Nepal. According to media reports, the National Payments Corporation of India’s international arm (NIPL) has engaged in discussions with at least 20 countries across Africa and South America to assist in developing systems similar to UPI. In recent months, NPCI has introduced significant changes to UPI transaction limits. The upper limit for specific types of UPI payments has been raised to Rs 5 lakh, while the caps for UPI Lite Wallet and UPI 123Pay have also been increased. These changes aim to drive greater adoption of digital payments, aligning with the Indian government’s ambitious vision of achieving 1 billion daily transactions by 2026-27.

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