Unified Payments Interface (UPI) has crossed a major milestone, with over 11 billion transactions processed in October 2023. This represents an 8% jump in volume and an 8.6% surge in value compared to the previous month.
PhonePe continues to be the dominant player in the UPI ecosystem, accounting for nearly 50% of all transactions in the past couple of months. Google Pay and Paytm are far behind Phonpe in terms of the volume of transactions, with 3.7 billion and 1.3 billion transactions in September respectively.
To promote UPI adoption, the National Payments Corporation of India (NPCI) has recently launched several new products, including voice-enabled UPI payments and near-field communication-enabled tap and pay feature. UPI has also expanded its international footprint, with launches in France and plans to enter Sri Lanka and the UAE.
The rapid growth of UPI is a testament to its convenience and affordability. UPI payments are instant, free, and secure, and they can be made using any smartphone. UPI has also played a key role in driving financial inclusion in India, with millions of people using it to make everyday payments.
Key takeaways:
- UPI crosses 11 billion monthly transactions for the first time.
- PhonePe is the leading UPI player with nearly 50% market share.
- NPCI launches new products to promote UPI adoption.
- UPI expands its international footprint.
Unique insights:
- UPI’s growth is being driven by its convenience, affordability, and security.
- UPI is playing a key role in driving financial inclusion in India.
- The growing adoption of UPI is likely to boost the Indian economy in the long term.
