As more and more people are joining the smartphone group, digital transactions are seeing a spike. According to National Payments Corporation of India data, UPI transactions are up by more than three percent in the month of September as compared to August.
Basis the reported number of online transactions by NPCI, there were 6.78 billion transactions worth Rs 11.16 lakh crore in comparison from Rs 10.73 lakh crore in August 2022.
Among UPI payments there are other options that fall under NPCI. Payments through the netbanking IMPS option stand at at 46.27 crore in September which is slightly lower than last month with a difference of 42 Lakhs.
Call it convenience or easy financial management, UPI has become a preferred option by people as a secure payment method. One just has to scan a QR code and make the payment in a few clicks.
The Covid-19 pandemic has expedited the number of digital transactions. In a recent movement, RBI has revealed a white paper requesting a response from all stakeholders to share feedback on whether they should start applying charges on UPI, as of now there are no charges on UPI.
India has over 100 million monthly active users of UPI as of the date and the numbers are increasing every day with so many payment options like Paytm, BHIM Pay, Phone Pe, Google Pay, etc.
GooglePay and PhonePe are dominating the market in India. They are also the reason behind the success of UPI payments in India by generating awareness. To keep it contestable, NPCI had come up with a plan to put a cap of 30% on transaction volume clocked by any single player but the deadline keeps on pushing and there is no clarity on the matter yet.