In October, UPI Registered a 10% Month Over Month Growth
Between September and October of 2024, the volume and value of transactions using the Unified Payments Interface (UPI) increased fairly. According to figures released by the National Payments Corporation of India (NPCI), the digital payment network logged 16.58 billion transactions in October, a 10% rise from 15.04 billion in September.
From INR 20.64 lakh crore in September to INR 23.50 lakh crore in October, the transaction value increased by 14%. A 37% increase in transaction value and a 45% increase in transaction quantity year over year drove this gain.
Average Daily Transaction Grows to 535 Million in October
Additionally, from September to October, the average daily transaction volume climbed from 501 million to 535 million, with the daily transaction amount reaching INR 75,801 crore, a significant rise from INR 68,800 crore the month before.
PhonePe continued to hold the top spot in the UPI market in India in September, accounting for 48% of all transactions. Second place went to Google Pay with 37.4%, and third place went to Paytm with 7%. The October market share figures are still pending.
New Adjustments Made by the NPCI
The parent firm of Paytm, One97 Communications Limited, was recently given permission by the National Payments Corporation of India (NPCI) to onboard new users onto its UPI network. It is anticipated that the Noida-based company will benefit from the new authorisation by increasing its user base and market share in the cutthroat UPI industry.
Significant adjustments to UPI transaction restrictions have been made by NPCI in recent weeks. The restrictions for UPI Lite Wallet and UPI 123Pay have also been lifted, and the maximum amount for some UPI payment types has been raised to Rs INR lakh. With these changes, the Indian government hopes to support its ambitious aim of 1 billion transactions per day by 2026–2027 by promoting a higher use of digital transactions.
How UPI has Become a Game-Changer in India’s Financial Market?
The Unified Payments Interface is a ground-breaking technology that has completely changed the financial scene in India. It has greatly simplified digital transactions and increased the accessibility and convenience of money transfers.
Additionally, UPI is essential for strengthening the Indian economy. This payment interface is equipped with a cutting-edge payment system, and it examines its features, advantages, and noteworthy influence on India's economic development. The National Payments Corporation of India (NPCI) created the real-time payment system known as UPI. It makes it possible to combine several bank accounts into one mobile app. Fund transfers are made quick and simple by combining a number of banking functions.
With more than 100 banks providing UPI-based services, UPI has gained widespread acceptance in India and enables instantaneous, round-the-clock interbank transactions.
Nitin Konde
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