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Online Payments

UPI transactions see 30% increase

Wednesday 3 October 2018 | 10:39 AM CET

Transactions on the Unified Payments Interface (UPI) jumped 30% in September 2018 as more people begin using the mobile-based fund transfer mechanism.

According to Economic Times, with digital wallets affected by tighter regulations, including the Reserve Bank of India’s customer authentication rule, more consumers are likely opting for UPI, which facilitates real-time bank-to-bank fund transfers.

In September 2018, UPI transactions increased to 405 million from 312 million in August 2018, data from the National Payments Corporation of India reveal. In September 2017, UPI handled 30 million transactions worth a total INR 5,293.

UPI’s growth is driven mainly by the rapid adoption of popular payment apps such as Paytm, Flipkart-owned PhonePe and Google Pay, as the online publication mentions.

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