UPI transactions ended 2020 on a excessive be aware. The worth for digital transactions accomplished by way of UPI stormed previous the Rs 4-lakh-crore mark in December, based on the most recent UPI information from the National Payments Corporation of India (NPCI). 2.23 billion transactions price Rs 4.16 lakh crore have been recorded in December, up from 2.21 billion transactions involving Rs 3.91 lakh crore in November. The year-on-year development in quantity stood at 70 per cent from 1.30 billion transactions whereas the worth of UPI transactions elevated 105 per cent from 2.02 lakh crore in December 2019. Moreover, the variety of banks stay on the UPI platform elevated from 143 to 207 through the 12-month interval.
Among the main UPI gamers, Google Pay and PhonePe had collectively cornered over 82 per cent of the market by quantity and over 86 per cent by worth in November. While Google Pay processed 960.02 million transactions involving Rs 1.61 lakh crore, PhonePe, noticed 868.Four million transactions price Rs 1.75 lakh crore. Paytm had processed 260 million funds.
The transaction quantity and worth have apparently scaled up sooner through the Covid and lockdown phases as individuals switched to digital mode to keep away from money utilization. The quantity jumped by 908.47 million transactions through the 10-month interval from 1.32 billion transactions in February 2020, based on the evaluation of NPCI information. However, as compared, related quantity development of 908.47 million transactions, earlier than Covid, took 17 months (from September 2018) to succeed in the February 2020 degree.
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UPI is at present the most important among the many NPCI operated programs together with NACH, IMPS, AEPS, BBPS, RuPay, and so forth. As of October FY21, out of three.39 billion retail transactions on all NPCI platforms, 2.07 billion transactions have been recorded on UPI adopted by 340.03 million transactions with respect to NFS inter-bank ATM money withdrawals, 318.97 million transactions on the moment fee inter-bank digital funds switch system — Immediate Payment Service (IMPS), and 245.55 million transactions on the National Automated Clearing House (NACH), based on the NPCI information.
Importantly, the Reserve Bank of India had on Friday launched a ‘composite Digital Payments Index (DPI)’ to measure the extent of digitisation of funds in India primarily based on parameters together with fee enablers, fee infrastructure – demand-side and supply-side elements, fee efficiency, and client centricity, based on the RBI.