UPI transactions on different interfaces, such as Google Pay, PhonePe, FreeCharge, Mobikwik, and others, increased by more than 3 per cent to 6.78 billion in September from a month prior, data released by the National Payments Corporation of India stated. UPI pilot was launched on April 11, 2016, by then RBI Governor Dr Raghuram G Rajan. In August 2022, the total number of digital financial transactions based on the UPI 6.57 billion.
In terms of valuation, the 678 crore transactions were worth Rs 11.16 lakh crore, up from Rs 10.73 lakh crore in August, as per the NPCI data. In July, India processed 6.28 billion UPI transactions worth Rs 10.62 lakh crore. The number of banks active on the UPI network has also gone up to 346.
|Month||No. of banks live on UPI network||Volume in Million||Value in Cr|
As per the data, UPI has now become a preferred mode among users and it is simple to use, fast, and a secure payment method. During the Covid-19 pandemic, the payment platform's adoption reached new heights. Though there were a few hurdles, UPI transactions have been on an upward trajectory.
Top 5 remitter banks
As per the latest data, the State Bank of India reported the largest number of transactions, which stood at 1,793.55 million. This was followed by HDFC Bank, whose transaction volume was 594.28 million this month. Other top banks are Bank of Baroda, with 432.55 million transactions, Union Bank of India, with 406.68 million transactions, ICICI bank, with 379.89 million transactions. All these banks are remitters and provide cash to beneficiary banks, such as Paytm Payments Bank, and others.
|UPI Remitter Banks||Total Volume (In Million)|
|State Bank Of India||1793.55|
|HDFC Bank Ltd||594.28|
|Bank of Baroda||432.55|
|Union Bank of India||406.68|
As per the NPCI report, the top 5 areas where consumers used UPI payment mode are groceries and supermarkets, telecommunication services, eating joints and restaurants, miscellaneous personal services not classified, and digital goods, such as games.
Other payment platforms
Among other payments methods under the NCPI umbrella, there are instant inter-bank payments through IMPS, where transactions stood at 462.69 million (46.27 crore) slightly lower from 466.91 million (46.69 crore) in the preceding month. In July, it was 460.83 million (46.03 crore).
Aadhaar number-based AePS transactions stood at 102.66 million in September, as against 105.65 million a month earlier. In July, there were as many as 110.48 million AePS transactions.
It is to be noted that the RBI has already launched UPI Lite to speed up and simplify low-value UPI payments. In September, RBI governor Shaktikanta Das also launched three key digital payment initiatives — RuPay Credit Card on UPI, UPI LITE, and Bharat BillPay Cross-Border Bill Payments — that will help boost digital transactions even further.
(With PTI inputs)
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