PAYMENT THE GIANT IN UPI TRANSACTIONS

The most preferred Digital Payments platform is PAYTM as on April 2018.  190 Million Unified Payment Interface based transactions were recorded in April 2018 by PAYTM bank which was indeed laudable.

  • The Commerce and Digital Payments Company registered 62.9 million transactions
  • YES Bank recorded 42.4 million transactions
  • This resulted in an overall increase of 6.7% in UPI payments during April 2018 which was 178 million during the previous month.

NPCI shares data on overall UPI transactions; however it does not disclose the share of each company.   Around 170000 transactions are said to be recorded by Whatsapp which is running a beta product on UPI in partnership with ICICI Bank.  Also, ICICI Bank, HDFC Bank and Axis Bank have recorded good increase in the UPI transactions during the month.

PAYTM has been showing a consistent increase in the UPI transactions.  Details are:

  • January 2018             2 million transactions
  • February 2018           0 million transactions

It might be recalled that UPI had around 7 million transactions in Arpil last year which has now increased to 190 million, indeed a whopping increase.

Bharat Interface for Money or BHIM run by NPCI which also receives Central Government Support has shown a slow growth and its transactions during the last three months are:

  • February 2018          8 million transactions
  • March 2018               11 million transactions
  • April 2018                   6 million transactions

Author: Admin Bankedge

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