The Unified Payments Interface (UPI) saw an extensive growth of 191% in the total transaction volume, taking its number to 10,788 million in 2019 from 3,708 million in 2018, according to data published by the National Payments Corporation of India (NPCI). In addition, December 2019 alone accounted for 12% (1.31 billion) of all transactions. The NPCI is a private company owned by Indian banks, and owns and operates payments systems such as the UPI and IMPS. The total number of transactions in 2019 was around 1.9 times higher than the previous year’s 3,708 million transactions. The amount transacted increased by 217% to Rs 18,36,638 crores annually, 2 times higher than in 2018. On a monthly basis, UPI transaction volumes increased to 1,308 million, up 7.4% from 1,219 million transactions taking place between November and December 2019, while the amount transacted increased to Rs 202,521 crore – the highest in this month. The average transaction amount declined to Rs 1,548 per transaction. Some observations: 1. UPI transactions have been growing. Growth has typically been driven by new launches and cashbacks: Google Pay launched on September 18, 2017, gave cashbacks, and reported 240 million transactions, Flipkart-owned PhonePe reported around 230 million, and Alibaba owned Paytm reported 200 million in transactions in May 2019. 2. The number of transactions grew by 7,079.3 million in 2019, whereas the total amount transacted increased by Rs 12,56,925.23 crores. 3. The average amount per transaction went up Rs 1,702 for the year 2019 with an increase in amount…
- MediaNama Daily: Caught red-handed March 25, 2023
- US govt warns businesses of ‘AI deception’, calls for mitigating risks before launching AI products March 24, 2023
- Here’s what TikTok’s CEO said in his U.S. Congressional Committee Hearing March 24, 2023
- Cyberabad police bust a gang selling personal data of 16.8 Crore citizens March 24, 2023
- Explained: What is Namma Yatri app and why is it joining ONDC March 24, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Amazon announced that it will integrate its logistics network and SmartCommerce services with the Open Network for Digital Commerce (ONDC).
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
In the case of the ‘deemed consent' provision in the draft data protection law, brevity comes at the cost of clarity and user protection
The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.
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...
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...