UPI registers 300 million monthly transactions, Paytm sees 290 billion transactions

Bankers said that the jump in transactions was driven by wider adoption and users repeatedly choosing to use UPI for their payments activities.

By BusinessToday.In  
Monday, September 3, 2018

National Payments Corporation of India's (NPCI) bank-to-bank account settlement system Unified Payments Interface (UPI) crossed 300 million transactions in August. It is an increase of 32% from July when it clocked 235.6 million transactions.

It is also a significant increase from last September's 30 million transactions and Rs 5,293 crore of money transfer. In August this year, along with their 300 million milestone, there has also been money transfer of about Rs 54,000 crore.

Average transaction size in August was Rs 1,800, which is similar to previous months. Unlike the Immediate Payment Service (IMPS), a real-time bank-to-bank fund transfer, users use UPI to transfer smaller amounts. The average size of IMPS transactions for Indian customers is Rs 10,000, as mentioned by the RBI.

According to a report in The Economic Times, bankers said that the jump in transactions was driven by wider adoption and users repeatedly choosing to use UPI for their payments activities.

Google is also utilising UPI's increased traction and has been using the framework for all its payments in India. Along with Google, Flipkart-owned PhonePe and Paytm are also leveraging UPI and offering cashbacks to bring in more customers.

Paytm gets more traction

Additionally, digital payments company, Paytm handled 290 billion transactions in August across its verticals. The app currently has 92 million users. The company also said that they have been registering more than 1 billion monthly sessions of users logging in and using the app for payments and money transfers. As mentioned in the daily, Senior Vice President Deepak Abbot said that they have also been introducing new use cases like apartment maintenance payments, municipal payments, donations, insurance and toll.   

Offline transactions for the app have also witnessed a strong growth. Driven by Paytm's strategy of installing QR codes at merchant outlets, the company onboarded 8.5 million offline merchants and receives more than 30,000 requests for integration every day.

Abbot also said that the company has also witnessed huge traction for money transfers between peers. He added that Paytm will continue to add more convenient payment solutions.

(Edited by Anwesha Madhukalya)

Related Stories

Indian Railways introduces e-toilets to ensure proper hygiene in trains; here are the features
Indian Railways introduces e-toilets to ensure proper hygiene in trains; here are the features
Rupee rises in early trade as tensions between RBI, govt ease
Rupee rises in early trade as tensions between RBI, govt ease
S Gurumurthy most vocal at RBI board meeting which started on a tense note but eased as day progressed
S Gurumurthy most vocal at RBI board meeting which started on a tense note but eased as day progressed

Latest Stories

Why INS Arihant gives India an edge against its neighbours
Why INS Arihant gives India an edge against its neighbours
Google News may shut down in EU over 'link tax'
Google News may shut down in EU over 'link tax'
Samsung unveils quad camera Galaxy A9; check features, price, availability
Samsung unveils quad camera Galaxy A9; check features, price, availability
SPONSORED