Unified payments interface or UPI has recorded a 9.56% flood in the volume of transactions and a 5.4% jump in the worth of transactions in August when contrasted with July.
UPI handled 3.55 billion or 355 crore transactions worth Rs 6,39,116 crore in August, information delivered by the National Payments Corporation of India (NPCI) shows.
In July, UPI crossed the 3 billion volume mark for the first run through since its beginning in 2016 as it timed 3.24 or 324 crore transactions adding up to Rs 6,06,281 crore during the month.
This is huge month-on-month development after the second wave of the pandemic. The advanced payments railroad saw a plunge during the pinnacle of COVID-19 i.e April and May, nonetheless, it before long recuperated as organizations across the section opened up again after lockdown forced in a few part of the country.
In terms of market share, PhonePe has been driving since December 2021. As of July, PhonePe had a 46%market share followed by Google Pay and Paytm with 34.45% and 11.94% separately. The best five list of UPI apps incorporates Amazon Pay and Axis Bank’s apps.
Paytm has moved its concentration from the UPI and situated itself as a full-stack payments suite including wallet and payments bank, installment entryway and retail location.
To grow their utilization cases, PhonePe as of late entered the protection broking space while Google Pay banded together with fintech startup Setu to allow clients to open fixed stores (FDs).
While NPCI’s new principle will restrict the piece of the pie of any outsider UPI apps to a limit of 30%, the main UPI apps in the nation will get adequate opportunity to conform to the command.
UPI, which is tallied among the best continuous payments frameworks all around the world, has likewise explored its utilization cases in foreign business sectors. In July, NPCI dispatched the payments administration in Bhutan and as of late it collaborated with Mashreq to offer acknowledgment of the UPI in the UAE.