The Unified Payment Interface (UPI) saw an increase of 4% in the total transaction volumes taking place between December 2017 and January 2018, according to data published by the National Payments Corporation of India (NPCI). The NPCI is a company owned by Indian banks and owns and operates payments systems such as UPI and IMPS. The total number of transactions in January 2018 were around 34 times higher than in the same month last year. The amount transacted increased by 18% to Rs 15,571.2 crores over December 2017. The amount transacted in January 2018 was 9 times higher than in the corresponding month last year. In January, the number of transactions and amount transacted occurred per day as a result both were at their highest peak. Some observations: 1. UPI transactions have been growing since launch. There appears to have been a hockey-stick effect that has taken place in the last five months. Note that Google Tez launched on September 18, 2017, and had reported 140 million transactions for the month of October and November since launch, apart from 12 million users. Note that the chart above shows a slight dip in February. However, if you look at UPI transactions on a per day basis for each month, there has been a continuous increase, as indicated in the chart below. However, the increase in the number of transactions should be taken with a pinch of salt as PhonePe CEO Sameer Nigam pointed out that these are artificial as most new…
- ONDC September Round-Up: AI, grievance redressal, financial services, Google, exports, and more September 30, 2023
- ‘The Liver Doctor’ X account suspended following defamation case by Himalaya Wellness Corporation September 29, 2023
- Bombay HC to Pronounce Judgment on Fact Check Amendment on December 1st, Stay on Notification to Continue Until Then September 29, 2023
- Here’s how web publishers can opt out of Google crawlers scraping website data to train AI models September 29, 2023
- Parliament Standing Committee Calls For A Monitoring Group To Check Technological Readiness For Digital Education Projects September 29, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...
Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...
RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.
Straw man fallacy: IT Ministers’ defence of government exemptions in data protection law misses the point
Both the IT Minister and the IT Minister of State have chosen to avoid the actual concerns raised, and have instead defended against lesser...
The Central Board of Film Certification found power outside the Cinematograph Act and came to be known as the Censor Board. Are OTT self-regulating...
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...