The consolidated payments interface (UPI) exceeded 900 million transactions for the first time in August 2019. With 918 million transactions worth Rs 154,000 crore in August, UPI payments were excellent from June to August when they registered 754 million transactions worth Rs 1.46,566 crore. The NPCI platform saw around 100 million transactions in 30 days; from more than 800 million in July to more than 900 million in August. The mode of payment also offers competition to mobile wallets and now prevails in personal transactions at a higher value with an average of $ 32, according to the latest RedSeer report.
Digital payments have had widespread adoption throughout India, and within this fiscal year, transactions worth more than Rs 1,500 million have already been made, according to the government database on Digidhan digital payments. In addition, Andhra Pradesh has become the best pioneer in the digital payment mode, followed by Haryana. However, the adoption of digital payments is unfortunate in many states, including Jammu, Kashmir, Chhattisgarh, Meghalaya, Arunachal Pradesh, Mizoram and others.
"UPI has a strong market share in cases of higher value use," RedSeer Business Consulting said in a report. The interface also challenges mobile wallets in some areas, such as merchants that feed on shipments and SMEs, where the wallet has the advantage. For billing payments, high -value transactions and cash returns, UPI is the preferred method of transactions, according to the RedSeer report.
UPI was first introduced in August 2016, a few months before demonetization and 21 banks were initially on the platform. Over time, 120 banks joined the platform, allowing real-time operable transactions for both consumers and merchants. The demonstration has also cancelled the platform along with its digital wallets and now enjoys wide adoption by the merchant, a sector that the governor previously controlled. UPI's growth rate is evidenced by the fact that from the 96: 4 ratio in October 2016, UPI not only closed the gap but now dominated certain categories. The RBI interface that is now seen as more than 80% participation in categories, including two-person payments, bill payment and reimbursement