Unified Payments Interface (UPI) crossed 11 billion transactions for the second time on a monthly basis in November with a minor growth in the value of transactions.
UPI recorded 11.24 billion transactions worth Rs 17.40 lakh crore (Rs 17.40 trillion) in the last month, according to data issued by the National Payments Corporation of India (NPCI). However, the volume of transactions saw a decline from 11.41 billion in October.
UPI crossed the 10 billion transactions milestone for the first time in August and continued to post more than 10 billion transactions since then.
Digital payments platform PhonePe has achieved a new milestone in October as the fintech platform crossed 5 billion (5.33 billion) transactions via UPI for the first time in the last month.
Last month, Entrackr reported that the fintech firm contributed nearly 47% of the total transactions volume. Google Pay stood at second with 4.13 billion transactions worth Rs 5.89 trillion followed by Paytm with 1.41 billion transactions worth Rs 1.67 trillion. The monthly break down for November is yet to come.
Early this year, UPI entered France and plans to set up operations in Sri Lanka and the UAE. It is already present in Bhutan, Nepal, and Singapore.
Lately, NPCI directed third-party UPI apps like Google Pay, Paytm, PhonePe, and others to deactivate UPI IDs and numbers inactive for over a year. The not for profit organisation already extended the limit to a market cap of 30% for these UPI players by two years to December 31, 2024.