UPI or United Payment Interface has recorded 1.8 billion transactions amounting to Rs 3,29,027 crore or Rs 3.29 trillion in September, shows data released by National Payments Corporation of India (NPCI). This is yet another fresh milestone for India’s digital payment railroad since its inception in 2016.
This is an 11.8% increase in volume and a 10.4% spurt in the value of transactions as compared to the previous month. In August, the digital payments railroad had registered 1.61 billion transactions worth Rs 2,98,307 crore or Rs 2.98 trillion whereas 1.49 billion transactions worth Rs 2,90,537 crore or Rs 2.9 trillion were registered in July.
While UPI and the number of transactions had fallen to 999 million in April amidst Covid-19 induced lockdown, it has steadily picked up from the past couple of months again.
Given the fact that people are avoiding swiping plastic cards due to the fear of the coronavirus spread has also led to the wide adoption of Google Pay, PhonePe, Paytm, and other UPI-enabled apps.
According to the recent data sourced from Sensor Tower, Google Pay was the most downloaded fintech app across the world in August. It was downloaded over 10 million times in that month of which 77% or 7.8 million installs came from India. PhonePe and Paytm claimed the 4th and 6th spot respectively in the most downloaded fintech apps list during the period with 6.7 million and 4 million installs respectively.
Notably, SBI YONO emerged as the fourth most downloaded UPI app from India in August. It had garnered 3.4 million downloads during the month.