Unified Payment Interface (UPI) saw an increase of 4% in the total transaction volumes taking place between August 2019 and September 2019, according to data published by the National Payments Corporation of India (NPCI). The amount transacted grew 4.5% between August and September 2019. NPCI is a private company owned by Indian banks, it owns and operates important payments systems such as UPI and IMPS. The total number of transactions in September 2019 was around 2.35 times higher than in the same month last year. The amount transacted went up marginally to Rs 161,457 crores over August 2019. The amount transacted in September 2019 was 2.7 times higher than in September 2018. However, given the limited impact of seasonality on digital payments, and the fact that this is supposed to be a high growth sector, month-on-month data needs to be…
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