Unified Payments Interface (UPI) is a digital payment platform which was introduced for cashless transactions. This was introduced by the National Payments Corporation of India (NPCI). NPCI has shared the October data, which saw a phenomenal increase in UPI transactions. At the same time, Paytm has also announced its statistics regarding UPI. Accordingly, Paytm occupies the first position with the UPI’s 37 percent market share.
UPI’s growth in October:
In the month of October, the transaction of UPI has increased to 482.3 million, which is 19 percent more than September. At the same time, a transaction of Rs 74,978.27 crores has been done through UPI in October. This is 25 percent more than September. However, the number of transactions has decreased compared to September and August. The reason for this is NPCI has limited the P2P transaction to 10 per day. Before it was 20 transactions per day. This rule was brought to stop the fake transaction.
Paytm Number One UPI Platform:
In the past 6 months, Paytm has increased the P2P transaction by up to 600% via UPI. In the month of October, the company has recorded 179 million transactions through UPI. So, 37 percent of UPI transactions are being done from Paytm. Senior Vice President of UPI Deepak Abbot says that it is encouraging to use Paytm BHIM UPI widely. It is used for various services. This can be done through mobile recharge, electricity and water bill payment, metro recharge and offline stores.