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UPI transactions near 17 Bn in January

EntrackrEntrackr ยท 5m ago
UPI transactions near 17 Bn in January
Medial

UPI transactions near 17 Bn in January The Unified Payments Interface (UPI) recorded 16.99 billion transactions worth Rs 23.48 lakh crore in January, reflecting a 39% year-on-year growth in transaction volume and a 28% increase in transaction value. On a monthly basis, UPI saw a 1.55% growth in volume and nearly a 1% rise in value, compared to 16.73 billion transactions worth Rs 23.25 lakh crore in December. According to data released by the National Payments Corporation of India (NPCI), the average daily transaction count stood at 548 million. PhonePe currently leads the UPI market with a 47.7% share of transaction volume, followed by Google Pay at 36.7% and Paytm at 6.87%. This market share distribution is unlikely to change soon, as NPCI has extended the compliance timeline for Third-Party App Providers (TPAPs) exceeding the UPI volume cap. The new deadline has been extended by two years, until December 31, 2026. Meanwhile, NPCI has lifted the user onboarding limit for WhatsApp Pay, allowing the platform to offer UPI services to its entire user base across India. Recently, NPCI Chief Dilip Asbe disclosed that approximately 450 million users are currently utilizing UPI, with around 200 million daily active users. He emphasized the need for substantial support from the Reserve Bank of India (RBI), the government, and the broader financial ecosystem to explore strategies for onboarding an additional 200-300 million users onto the UPI platform.

UPI transactions surge 8% in December

EntrackrEntrackr ยท 6m ago
UPI transactions surge 8% in December
Medial

UPI transactions surge 8% in December Unified Payments Interface (UPI) recorded 16.73 billion transactions worth Rs 23.25 lakh crore in December, marking an 8% increase in volume and a 7.88% rise in value compared to November. On a year-on-year basis, this reflects a 39% year-on-year (YoY) growth in volume and a 28% increase in value, according to data released by NPCI (The National Payments Corporation of India). The average daily transaction count for December was 540 million, with a total daily transaction value of Rs 74,990 crore. In November, the daily average transaction count was 516 million, with a daily transaction value of Rs 71,840 crore. This upward trend continued from October 2024, when UPI processed 16.58 billion transactions worth Rs 23.50 lakh crore. PhonePe currently leads the UPI market with nearly 48% share by transaction volume, followed by Google Pay at 37% and Paytm at 7%. The market share is unlikely to change as NPCI has extended the compliance timeline for Third Party App Providers (TPAPs) exceeding the volume cap in UPI. The deadline has been extended by two years, until December 31, 2026. Meanwhile, NPCI has lifted the user onboarding limit for WhatsApp Pay, allowing the platform to extend UPI services to its entire user base across the country. Currently, UPI payments are accepted in seven countries, including Bhutan, Mauritius, Nepal, Singapore, Sri Lanka, and France. According to media reports, NPCI is working to expand its services to Qatar, Thailand, and the broader Southeast Asian region.

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

EntrackrEntrackr ยท 8m 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 Septemberโ€™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 Indiaโ€™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 governmentโ€™s ambitious goal of achieving 1 billion transactions per day by 2026-27.

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