UPI: Achieves new milestone of 918 Mn transactions in last month
By MYBRANDBOOK
UPI has broken all previous records and clocked 918.35 million transactions worth Rs 1,54,504.89 crore in August, a remarkable leap of 11.68% from July 2019. For the NPCI-owned digital payment railroad, achieving two consecutive feats of crossing 800 million mark in July and 900 million mark in August is a strong testimony to the increasing acceptance of the digital transactions in India. Cashless transactions have now become simpler and convenient thanks to BHIM.
According to a report by RBI for FY19, UPI has outnumbered transaction via debit and credit card. The report revealed that with 5.35 billion transactions, UPI exceeded the number of payments made on debit cards in FY19, which stood at 4.41 billion. A recently concluded Boston Consultancy Group’s report on digital payments landscape in India also highlighted the future growth for UPI. It said that UPI would dominate the payments space with 59% payments transactions, followed by mobile and internet-based payments.
The significant contribution in UPI volume comes from three digital payment leaders – Phonepe, Google Pay and Paytm. While Paytm market share declined in the past six months due to shifting focus on merchant-based UPI payments, Google Pay and PhonePe grab the market and combined contribute close to 700 million in overall volume. A report says, Paytm saw a sharp decline in Unified Payments Interface (UPI) transactions in July, at the same time Noida-based digital payments company Google Pay and PhonePe increased their market share to No.2 and No.1,where Paytm has shifted to No.3..Further, Paytm clocked less than 140 million transactions on UPI, whereas, Google Pay and PhonePe registered around 300 million transactions each last month.
Further, to promote the number of UPI transactions, NPCI has capped merchant discount rate (MDR) for small ticket size at zero and a maximum of Rs 100 for large ticket size. Apart from UPI, NPCI-owned IMPS has also recorded its highest volume as well as value in a transaction in August. The inter-bank electronic fund transfer system has recorded 200.14 million transaction worth Rs 1,88,886.25 crore against 189.28 million amounting to Rs 1,82,021.01 crore in July.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Alcatel-Lucent Enterprise Carrying a 100 year legacy ahead
A good amount of R&D works and global support services are operated out of
Delivering Critical Business Communication Solutions to Enterp
Arya Omnitalk and Syntel’s comprehensive suite of solutions and more than
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
MATRIX COMSEC PVT. LTD.
HAVELLS INDIA LTD.
INFOSYS TECHNOLOGIES PVT. LTD.
HP INDIA SALES PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : ASHISH KUMAR CHAUHAN
Ashish kumar Chauhan, an Indian business executive and administrator, ...
Icons Of India : NIKHIL RATHI
Co-founder & CEO of Web Werks, a global leader in Data Centers and Clo...
ICONS OF INDIA : SANTHOSH VISWANATHAN
Santhosh Viswanathan is the the Vice President and Managing Director f...
PARTNER SPEAKERS
PSU
HPCL - Hindustan Petroleum Corporation Ltd.
HPCL is an integrated oil and gas company involved in refining, market...
STPI - Software Technology Parks of India
STPI promotes and facilitates the growth of the IT and ITES industry i...
GSTN - Goods and Services Tax Network
GSTN provides shared IT infrastructure and service to both central and...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - NEAL MOHAN, CEO - Youtube
Neal Mohan, the CEO of YouTube, has a bold vision for the platform’s...
Indian Tech Talent Excelling The Tech World - Sanjay Mehrotra, CEO- Micron Technology
Sanjay Mehrotra, the President and CEO of Micron Technology, is at the...
Indian Tech Talent Excelling The Tech World - George Kurian, CEO, Netapp
George Kurian, the CEO of global data storage and management services ...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
