After clocking 76.8 Mn transactions in October, the Unified Payments Interface (UPI) hit a record high of 105 Mn transactions last month. According to data released by NPCI (National Payments Corporation of India), the near 38% jump has largely been due to the increased adoption of UPI based digital payments solutions by consumers as well as the entry of global technology players like Google and Paypal.
According to the report, the value of transactions reached $1.5 Bn (INR 9,679 Cr) in November, compared to $1.07 Bn (INR 7,028 Cr) in October.
Over the last one month, Google’s digital payments platform Tez reported the highest number of UPI-based transactions, followed by PhonePe and BHIM app.
Commenting on the feat, a spokesperson for Google said, “Since our launch on September 18 till November 18, we have clocked around 74 Mn transactions and have recorded 10 Mn users.”
Flipkart-owned PhonePe, on the other hand, hit 33 Mn transactions in November. PhonePe CEO Sameer Nigam stated on the matter, “We are seeing a 50% month on month growth rate in the transaction volume on our platform.”
Bharat Interface for Money (BHIM), which is an extension of the UPI solution and Unstructured Supplementary Service Data (USSD) technology, recorded up to 8.2 Mn transactions in November.