Comments
India’s home-grown Unified Payments Interface (UPI) technology hit a new record in October, with a total of 16.58 billion transactions amounting to ₹23.50 lakh crore, according to data shared by the National Payments Corporation of India (NPCI). Festival season spending aided the 45 per cent year-on-year (y-o-y) rise in October UPI transactions.
Data from previous months show that person-to-person (P2P) mode of payment account for the chunk of overall UPI transaction value, followed by person-to-merchant (P2M) transfers. State Bank of India (SBI), HDFC Bank and YES Bank are the top remitter and beneficiary banks on the UPI ecosystem.
During September, a total of 15.04 billion transactions amounting to ₹20.64 lakh crore were recorded on UPI.In August, 14.96 billion transactions amounting to ₹20.61 lakh crore were conducted using UPI.
On an average, in the month of October, a total of 535 million transactions were conducted daily using UPI. The average daily UPI transaction amount stood at ₹75,801 crore last month.
FASTag, another toll road payment mode operated by NPCI, saw 345 million transactions in October, up 8 per cent y-o-y.However, Immediate Payment Service (IMPS) saw a decline of 5 per cent y-o-y to 467 million transactions during October. The number was, however, higher than 430 million transactions recorded in September.Aadhar enabled payment system (AePS) monthly volume too rose 26 per cent y-o-y to 126 million in October.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.