Unaffected by NPCI diktat over banning transaction within the same account or false transaction, UPI has almost paralleled the transaction graph of September and August in terms of month-on-month growth.
The government-owned payments railroad has recorded 405.87 million transactions worth Rs 59,835.36 crore in the last month.
In comparison, UPI has recorded over 30 per cent increase in transaction volume and 10 per cent spike in transaction value in September. The transactional figure for August month was 312.02 million in volume and Rs 54,212.26 crore in value.
During the same month, the government-owned BHIM has not been able to come out from the previous record and remained flat with 16.33 million transactions worth Rs 7,064.86 crore, revealed NPCI data.
Besides, India’s real-time money transfer platform IMPS, which recently rated the best global payments innovation by US-based research firm FIS (Fidelity National Information Services), has recorded 135.74 million transactions worth Rs 1,25,639.83.
While government-promoted BHIM has been average in terms of transactions, UPI-enabled digital payments apps such as Paytm, PhonePe, and Google Pay have gained the momentum and kept growing in the UPI ecosystem.
The Alibaba-backed company has claimed that it has registered 137 million transactions contributing over 33 per cent of the overall transactions in September.
Paytm recently revealed that over 5 million offline merchants on its platform are using UPI payment service. However, the transaction amount for September has not been revealed by the Noida-based company.
According to the company, more than 20 per cent of all payments on Paytm are made using BHIM UPI with mobile recharge and payments, electricity and water bills and DTH recharges, which shows its growing adoption rate.
The company’s competitors in UPI bandwagon, PhonePe and Google Pay are yet to disclose their transaction data.