UPI (Unified Payments Interface), the bank-to-bank smartphone-based instant transaction system, carried on to post stable development, supported by elevated acceptance by users and the entrance of major technology behemoths on the platform.
In November 2017, it posted 105 Million payments, a 38% increase from the last month, revealed data from the NPCI (National Payments Corporation of India) that operates the platform of UPI. The number of payments was the most on the platform ever in a month. The value of payments jumped from Rs 7,057 Crore in October to Rs 9,679 Crore by almost 37% in the last month.
While there are 61 banks present and supported on the UPI, a huge piece of payments is arriving from smartphone-supported transaction apps built by tech firms. The transaction app from Google, Tez, posted the biggest piece of payments, chased by the BHIM (Bharat Interface for Money) and PhonePe, bankers claimed. “Since our roll out in September 18, 2017 up till November 18, 2017, we have posted almost 74 Million payments and have secured 10 Million consumers,” claimed a spokesperson from Google to the media.
PhonePe, Payment arm of Flipkart, posted almost 33 Million payments in November. “We are witnessing a 50% rate of growth on a monthly basis in the volume of transaction on our platform,” claimed chief executive officer of PhonePe, Sameer Nigam, to the media in an interview. In the meantime, BHIM, which is being marketed by the central government, posted 8.2 Million payments in November, elevated around 8% from the last month, the data from NPCI claimed.
While the volume increment on the platform of UPI is an optimistic pointer of the digital transaction story of the nation, bankers claimed that most of the payments were peer to peer in nature where users were employing the platform to pay among themselves.