• About
  • Contact
Saturday, January 16, 2021
Next Big Brand
  • .
  • News
  • Internet
  • Startup
  • OTT
  • Agency
  • Industries
  • FMCG
  • Automobile
  • Retail
  • Tech
  • Case Study
  • Interview
No Result
View All Result
Next Big Brand
Home News

UPI Transaction Crosses 1.8 Billion Transactions & Rs. 3.29 Trillion Value

Pritish raj by Pritish raj
October 1, 2020
in News
2 min read
0
upi-payment

upi-payment

Share on FacebookShare on Twitter

According to data released by the Reserve Bank of India ( RBI), the Unified Payment Interface (UPI), the flagship payments portal of the National Payments Corporation of India (NPCI), reached a new high in the month of September, with the number of transactions exceeding the 1.8 billion mark as of September 29 and the value of transactions touching the Rs 3.29 trillion mark.

In the offline and online parts, the coronavirus (Covid-19) pandemic has resulted in major UPI adoption. People are shunning cash and embracing UPI in the offline market. UPI adaptation, in particular at the level of the merchant, has been significant. But, for low ticket size transactions, the UPI is essentially UPI and the average ticket size on the UPI is not more than Rs 200-300.

UPI clocked 1.61 billion transactions last month. The transactions were worth Rs 2,98 trillion in terms of volume. UPI transactions will pick up more throughout the festive season, which is around the corner, experts claim. UPI will thus hit 2 billion transactions per month by December and 2.15 billion transactions per month by March 2021.

Digital transactions have continued to increase their share, despite the de-growing economy. Experts say they see transactions changing to UPI and other digital payment channels from the card market. E-commerce platforms, especially UPI, are also making a huge contribution to driving up digital payment transactions.

UPI has been rising in the P2P and person-to-merchant segments, according to industry insiders. While, in terms of numbers, UPI has grown very quickly, the transaction per UPI value is still very low. In the higher value category, where the purchase payment value is larger, credit cards are still holding up.

Digital payment transactions have recovered from the Covid-19 shock and, despite the major contraction in the Indian economy due to the lockdown imposed in the initial months to curb the spread of the virus, have reached pre-covid levels. As of September 29, the Immediate Payment Service (IMPS) clocked a transaction count of 268.49 million worth Rs 2.37 trillion. A transaction count of 22.45 million worth Rs 3,783.02 crore was clocked by the Bharat Bill Payment System.

The Covid-19 pandemic has done more to digitise payments in India than demonetisation has accomplished, according to experts, and the digital future is here to stay. Consumers are gradually embracing digital payment systems because they could contract the virus over concerns of cash use. The most promising thing that the pandemic has brought about is the adoption of digital payments in offline mode as customers in grocery stores and other places where cash dominated the roost are gradually moving to pay through digital payment methods.

Previous Post

Public Raises $35 Million Funding, Plans To Tap More Regional Market

Next Post

Understanding F&B Space With Ishita Yashvi, Co-Founder, Cross Border Kitchens

Pritish raj

Pritish raj

Pritish Raj is a content writer at Next Big Brand. Hailing from the diversified state of Bihar, he is an engineer by education who chooses the way of poetry, photography, and writing to kick off his career. Highly enthusiastic about brands and startups, he aims to be a travel content creator.

Related Posts

IndiaMart Market Cap Hits $3 Billion
News

IndiaMart Market Cap Hits $3 Billion

January 15, 2021
Digit Insurance Becomes the first Unicorn of 2021 with a total valuation of $1.9 Billion
News

Digit Insurance Becomes the first Unicorn of 2021 with a total valuation of $1.9 Billion

January 15, 2021
Trump Administration Blacklists Smartphone Giant Xiaomi and other 10 Chinese Companies
News

Trump Administration Blacklists Smartphone Giant Xiaomi and other 10 Chinese Companies

January 15, 2021
Rise of Regional OTT Platforms in India during the Pandemic Time
News

Rise of Regional OTT Platforms in India during the Pandemic Time

January 15, 2021
Ex-Star India Chairman Uday Shankar Joins Lupa Systems CEO for New Venture
News

Ex-Star India Chairman Uday Shankar Joins Lupa Systems CEO for New Venture

January 14, 2021
Telegram Touches Half Billion Installs with 25 Million New Users in Last 72 Hrs
News

Telegram Touches Half Billion Installs with 25 Million New Users in Last 72 Hrs

January 13, 2021
Next Post
Understanding F&B Space With Ishita Yashvi, Co-Founder, Cross Border Kitchens

Understanding F&B Space With Ishita Yashvi, Co-Founder, Cross Border Kitchens

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

RECOMMENDED NEWS

Siddhartha Lal

Presenting EY Entrepreneur of the Year – Siddhartha Lal!

2 years ago
Thomas Cook in advanced talks with Chinese firm to sell tour operator arm

Thomas Cook in advanced talks with Chinese firm to sell tour operator arm

2 years ago
stakes in reliance jio - next big brand

Facebook in Talks to Acquire Stake in Reliance Jio

10 months ago
Hero Motocorp Enjoys Festive Season By Selling 1.4 Million Vehicles

Hero Motocorp Enjoys Festive Season By Selling 1.4 Million Vehicles

2 months ago

FOLLOW US

  • 22.1k Fans

BROWSE BY TOPICS

2018 League amazon Amazon Great Indian Sale Amazon Prime Apple Apple Inc Automobile Industry Balinese Culture Bali United Budget Travel Champions League Chopper Bike Doctor Terawan facebook Facebook app future group hotstar Indian OTT Platforms Indian Smartphone Market Istana Negara Jio Market Stories Maruti Suzuki National Exam Netflix Netflix India Netflix Originals oppo OTT OYO Realme Reliance Industries Limited Reliance Jio RIL Samsung Tata Motors Tiktok TikTok India TikTok Videos Visit Bali Vivo whatsapp Xiaomi Xiaomi India YouTube
Next Big Brand

We Talk About Brands

Follow us on social media:

Recent News

  • IndiaMart Market Cap Hits $3 Billion
  • Digit Insurance Becomes the first Unicorn of 2021 with a total valuation of $1.9 Billion
  • Trump Administration Blacklists Smartphone Giant Xiaomi and other 10 Chinese Companies

Instagram

Follow Me!

Latest News

IndiaMart Market Cap Hits $3 Billion

IndiaMart Market Cap Hits $3 Billion

January 15, 2021
Digit Insurance Becomes the first Unicorn of 2021 with a total valuation of $1.9 Billion

Digit Insurance Becomes the first Unicorn of 2021 with a total valuation of $1.9 Billion

January 15, 2021
  • About Us
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • DMCA Policy
  • Our Team
  • Contact Us
  • Sitemap

© 2019 NBB. All Rights Reserved.

No Result
View All Result
  • .
  • News
  • Internet
  • Startup
  • OTT
  • Agency
  • Industries
  • FMCG
  • Automobile
  • Retail
  • Tech
  • Case Study
  • Interview

© 2019 NBB. All Rights Reserved.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.