- Paytm recorded 137 Mn UPI transactions in September, a lion’s share of this coming from offline transactions
- The government-run BHIM registered a slight drop in transactions in September—to 16.3 Mn from 16.5 Mn in August
- Prepaid payment instruments or mobile wallets recorded 351.8 Mn transactions, up from 332.9 Mn in June and 350 Mn in May
Credit Suisse predicted that India’s digital payments industry, which is currently worth around $200 Bn, is expected to grow five-fold to reach $1 Tn by 2023.
The continuous growth in digital payments in India has been largely attributed to the UPI and the continuous schemes of cashbacks to make payments lucrative for Indians.