Unified Payment Interface (UPI) saw an increase of 20.2% in the total transaction volumes taking place between September 2019 and October 2019, according to data published by the National Payments Corporation of India (NPCI). The amount transacted grew 19% between September and October 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 October 2019 was around 2.38 times higher than in the same month last year. The amount transacted went up to Rs 191,360 crores over previous month. The amount transacted in October 2019 was 2.5 times higher than in October 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 looked…
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