UPI Transactions In October: Digital transactions worth Rs 7.7 lakh crore (over $100 billion by value) were done through Unified Payments Interface (UPI) for the first time in India in October. According to the latest data released by the National Payments Corporation of India (NPCI) on Monday, this information was given. In the month of October, which saw record festive purchases on the e-commerce platform, digital payments saw a total of 4.2 billion UPI transactions.
3.65 billion UPI transactions recorded in September
In September, NPCI recorded digital payments of Rs 6.54 lakh crore through 3.65 billion UPI transactions. Currently, PhonePe, Google Pay, and Paytm are the leaders in the digital payments space. PhonePe registered digital transactions worth Rs 3.06 lakh crore and Google Pay Rs 2.5 lakh crore in September.
PhonePe has over 325 million registered users
PhonePe currently has over 325 million registered users. The platform is also accepted at over 22 million merchant outlets across India. A study by PhonePe Pulse in September showed that over 300 million Indians with 19,000 PIN codes now use digital payments. Four out of every five PhonePe monthly active users are from tier 2 and 3 cities, and two out of every three users are from tier-3 cities.
Over 63 percent of the first-time transactions on the PhonePe app are for money transfers, confirming that this category acts as the starting hook for customers to download the UPI app. PhonePe reported a 182 percent growth in transactions for this category and a 72 percent growth in subscribers between Q2 of 2020 and Q2 of 2021.
