UPI transactions report 30% growth in September

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Exhibiting a growing acceptance towards digital payments in the country, transactions made on Unified Payments Interface (UPI) reported a 30 percent surge in September.

UPIUPI transactions are likely to grown higher further in the wake of the recent regulations imposed by the Reserve Bank of India (RBI) on digital wallets. UPI facilitates real-time bank-to-bank fund transfers.

According to official data, UPI transactions in September increased to 405 million from 312 million in the previous month.

National Payments Corporation of India (NPCI) reports that in terms of value, UPI transferred Rs 59,835 crore in September as compared to Rs 54,212 crore in August, a rise of 10.3 percent.

Last year in September, UPI tackled 30 million transactions worth a total Rs 5,293 crore. Experts suggest that UPI’s growth is mainly attributed to its rapid implementation across  popular payment apps such as Paytm, Flipkart-owned PhonePe and Google Pay.

As a matter of fact, India’s largest digital payments brand Paytm reported 137 million UPI transactions in September, majority of it was contributed by offline transactions. Paytm revealed that 5 million out of its 9.5 million offline merchants have accepted UPI as a mode of payment.

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