
UPI transactions up 50% to 36 cr in one year: RBI Governor
Das said in terms of value, transactions registered a growth of 17% worth ₹6.27 lakh crore in the past 12 months.
Das said in terms of value, transactions registered a growth of 17% worth ₹6.27 lakh crore in the past 12 months.
New facility to help students studying abroad, family members and businesses use UPI without having an Indian SIM card.
UPI transactions have nearly doubled — in volume and value — since last year. PhonePe, Google Pay and Paytm are the three most used apps for financial transactions.
With the increased acceptance of digital payments in the country, the over reliance on cash is slowly fading away.
In terms of volume, UPI transactions were at an all-time high of 731 crore, thus registering a growth of 7.6% as compared to 678 crore transactions in September.
UPI transaction value for August jumps to ₹10.72 lakh crore.
The clarification comes days after the Reserve Bank of India (RBI) proposed a tiered charge framework for UPI payments.
RBI's discussion paper proposes replacing the zero-charge framework for UPI transactions with a subsidy.
WhatsApp has launched an aggressive ‘cashback strategy’ to emerge as a serious challenger against the likes of PhonePe and Google Pay, which hold a market share of 47% and 34% share, respectively.
UPI processed 595 crore transactions worth ₹10.41 lakh crore in May this year.