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UPI achieves 10% month-on-month growth in October
Entrackr
·
9m ago
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.
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Related News
UPI Transactions Jump 10% MoM In October
Inc42
·
9m ago
Medial
In October, UPI transactions grew by 10% month-on-month, reaching 16.58 Bn from 15.04 Bn in the previous month. Year-on-year, the transaction count increased by 45%. PhonePe and Google Pay continue to dominate the UPI market, with market shares of 48.4% and 37.3% respectively, as of August.
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UPI transactions for August likely to have crossed 10-billion mark
Money Control
·
1y ago
Medial
India's unified payments interface (UPI) is expected to surpass 10 billion transactions for the first time in August, per data from the National Payments Corporation of India (NPCI). The UPI platform reached 9.89 billion transactions in July, and with a daily average of 330 million transactions in August, it's projected to hit around 10.5 billion transactions, marking a 5% month-on-month growth. UPI, which has shifted from person-to-person transfers to driving commerce, is targeting 30 billion transactions per month within the next few years. Around 57% of UPI transactions are now merchant-related, largely driven by QR code adoption.
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UPI hits 16 billion transactions in October setting new record aided by festive spends
Economic Times
·
9m ago
Medial
Unified Payments Interface (UPI) in India had a strong performance in October 2024, reporting 16.58 billion transactions, a 45% YoY increase. The total value settled for the month was Rs 23.5 lakh crore, up 34%. UPI is increasingly becoming the go-to choice for small-value fund transfers, with an average of 535 million transactions per day in October. On October 30, a record-breaking 546 million UPI transactions were settled in a single day. Other payment modes, such as Fastag and IMPS, also saw increases and declines in transactions.
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UPI Transactions See Marginal Rise To 15.04 Bn In September
Inc42
·
10m ago
Medial
- UPI transactions in September: INR 20.64 Lakh Cr, a 0.14% increase from the previous month - YoY growth in UPI transactions volume: 31% - NPCI considering increasing market share cap for UPI apps from proposed 30% - Total UPI transaction volume remains strong despite a small month-on-month increase - UPI continues to be a popular and widely used payment method in India
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Navi Overtakes CRED To Become Fourth Largest UPI Player
Inc42
·
8m ago
Medial
Sachin Bansal-led fintech unicorn Navi has become the fourth largest UPI player in India in October. Navi's UPI transactions reached a value of INR 8,841.90 Cr, and the company had 157.51 Mn customer-initiated transactions in October, up from 120.41 Mn in the previous month, surpassing CRED in the process. This information is based on data from the National Payment Corporation of India (NPCI).
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UPI reigns supreme in digital payments kingdom
Economic Times
·
8m ago
Medial
During the festive season in India, unified payment interface (UPI) emerged as the most preferred digital payment mode for merchants, surpassing cards and mobile wallets. In October, UPI recorded 10 billion merchant transactions, a significant 53% YoY increase. UPI's popularity continued as it processed a total of 16.5 billion transactions that month. In contrast, credit cards saw a 35% increase in transactions, while debit cards experienced a 24% decline. Mobile wallets also saw a decrease in usage. UPI has become the go-to payment method for Indians, particularly for account-based transactions.
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UPI records 6.6% dip in November, maintains 38% YoY growth
Entrackr
·
8m ago
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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UPI crosses 11 Bn transactions for the first time in October
Entrackr
·
1y ago
Medial
The Unified Payments Interface (UPI) achieved a significant milestone in October, crossing 11 billion transactions in a month with a growth in transaction value. The data released by the National Payments Corporation of India (NPCI) indicates that UPI recorded 11.41 billion transactions worth Rs 17.16 lakh crore (Rs 17.16 trillion). This marks an 8% increase in volume and an 8.6% surge in value compared to September. PhonePe has maintained its lead position in the UPI ecosystem, with Google Pay and Paytm trailing behind in terms of transaction volume and value.
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PhonePe, G-Pay lead UPI market share; Navi surpasses CRED to enter top 4
Entrackr
·
8m ago
Medial
The Unified Payments Interface (UPI) recorded a 10% month-on-month rise in transaction volume in October, driven by increased activity from both existing participants and new entrants in the ecosystem. Digital payments platform PhonePe retained its position as the market leader with 7.9 billion customer-initiated transactions worth Rs 11,69,290 crore. Google Pay came in second with 6.2 billion transactions valued at Rs 8,49,327 crore. PhonePe and Google Pay saw an upward trajectory in both volume and value, whereas Paytm (OCL) maintained its third-place position with 1.16 billion transactions valued at Rs 1,29,584 crore. Despite the surge in transactions, PhonePe’s market share saw a minor drop to 47.66% in October from 48% in September. Google Pay and Paytm’s market share by volume remained unchanged. The trio collectively control more than 90% market share in UPI. In terms of value, PhonePe had 49.76% market share, again a minor decline from 49.95% in September. Google Pay and Paytm saw no change in their market share by value. Other notable players include Navi and CRED, with 157.5 million and 152.3 million transactions, respectively. For the first time, Navi has surpassed CRED to become the fourth-largest player in UPI by volume. However, CRED's higher transaction value of Rs 55,202 crore against Navi’s Rs 8,841 crore highlights its growing importance in high-value payments. Emerging players like FamApp by Trio and WhatsApp recorded modest but promising growth in the competitive UPI space. Recently, NPCI approved Paytm to onboard new UPI users. The firm also increased transaction limits for UPI payments, UPI Lite Wallet, and UPI 123Pay to boost digital adoption and support the government’s goal of 1 billion daily transactions by 2026-27.
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UPI transactions cross 11 Bn for second month in November
Entrackr
·
1y ago
Medial
In November, India's Unified Payments Interface (UPI) recorded 11.24 billion transactions worth Rs 17.40 lakh crore (Rs 17.40 trillion), a slight dip from the previous month. This marks the second time UPI crossed the 11 billion transaction mark in a month. PhonePe emerged as the leading contributor to UPI transactions with over 5 billion transactions in October. Google Pay and Paytm followed with 4.13 billion and 1.41 billion transactions respectively. UPI has expanded its operations globally, entering countries like France, Bhutan, Nepal, Singapore, and soon Sri Lanka and the UAE. NPCI has also mandated third-party UPI apps to deactivate inactive UPI IDs and numbers.
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