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Digital Payments Trending: UPI records more than 3 billion transactions

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Payments Interface (UPI) developed by the Nationals Payment Corporation of India (NPCI) has made a record recently, by processing 3.24 billion transactions in July. It got a sudden boost from June, where UPI processed 2.8 billion transactions. India’s e-payments landscape has seen a sudden spike as it recorded digital transactions in 2019–2020 of 3,434 crores and grew at an annual growth rate of 44.1%.

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According to the National Payments Corporation of India data, the company registered 3.34 billion transactions i.e 334 crore transactions that are worth a value of Rs 6.06 trillion i.e 6,06,0281 crores. In June, the company recorded 2.8 million transactions worth Rs 5,47,373 crore. This is the second month-to-month jump in the number of transactions by the customers.

The major reason behind this hike is that the consumers are inclining towards digital payments due to the pandemic. As businesses moved to digital during the pandemic, there was a rise witnessed in the adoption of contactless payments by consumers. Some of the key players of the UPI ecosystem are PhonePe, Google pay and Paytm Payments Bank.PhonePe is dominating the market shares in UPI and is ahead of its competitors by a big margin from March. 

NPCI is also planning to expand its servicesUnified  to international markets as it recently launched the UPI-payment services in Bhutan.