UPI has achieved a major milestone by surpassing 15 billion transactions in a single month for the first time since its inception. According to data released by the National Payments Corporation of India (NPCI), UPI recorded 15.04 billion transactions in September. The worth of these transactions is Rs 20.64 lakh crore.
If we compare it with the previous month, UPI has seen 0.5% month-on-month growth. UPI saw 14.96 billion transactions valued at Rs 20.60 lakh crore last month. UPI crossed the 10 billion transaction mark for the first time in August 2022.
Also see: Best UPI Apps in India
UPI is the reason for the growth of digital payments in India. However, the recent news about imposing a tax on UPI payments is concerning. Most users confirmed that they will stop using UPI if there’s a transaction fee involved.
PhonePe is still dominating the UPI market in the country. If we see volume-wise data for August, PhonePe has a 48.36% market share while Google Pay and Paytm managed to capture 37.3% and 7.82% market share, respectively. CRED, Navi, and Fampay are emerging players and growing really fast.
UPI is also now available in a few other countries including Singapore, France, Mauritius, Nepal, Bhutan, Sri Lanka, and the UAE. So, consumers can now make cross-border payments using UPI in supported countries.
