UPI Payment through Paytm, Google Pay, PhonePe: in digital payments India Gaining momentum as innovations in technology have transformed the country’s payment system. There are a large number of payment platforms in India that are using it Unified Payments Interface (UPI), which includes GPay, PhonePe, Paytm and BHIM, and are competitors to each other.
In October, transactions through UPI increased by 7.7 percent to 730 crore and the total value crossed Rs 12.11 lakh crore. In September, 678 crore UPI-led digital transactions worth Rs 11.16 lakh crore took place.
Four apps – PhonePe, Google Pay, Paytm and CRED Pay – account for 96.4 per cent of the total UPI market.
According to data from the National Payments Corporation of India (UPI), PhonePe had the largest share of total UPI transactions in India with 49 per cent pie in October. PhonePe was followed by Google Pay with 34 percent share, Paytm (11 percent), CRED Pay (1.8 percent) and others (WhatsApp, Amazon Pay and banking apps) with 3.5 percent share.
The number of instant interbank fund transfers through IMPS (Immediate Payment Service) in October was 48.25 crore and the value was Rs 4.66 lakh crore. In terms of transactions, it was 4.3 per cent higher than in September, according to the latest monthly data from the National Payments Corporation of India (NPCI).
Among payment service providers (PSPs), Yes Bank recorded the highest volume with 2655 crore UPI transactions in October, followed by Axis Bank with 119.5 crore transactions, ICICI Bank (107.5 crore), Paytm Payments Bank (101.9 crore) and State Bank Of India (73.5 crores).
SBI has said in its report that the Indian cash-led economy has now turned into a smartphone-led payment economy. Less money in circulation also equates to a cut in CRR for the banking system, as it reduces deposit leakages and will positively affect monetary transmission.
As per the latest retail digital transaction data, the share of NEFT in terms of value is 55 per cent and most of the transactions are done either at the branch or through internet banking.
UPI soon in Singapore
According to recent media reports, money transfer between India and Singapore using the Unified Payments Interface (UPI) will start soon and the technical preparations for linking UPI and Penau have been completed. The move is aimed at benefiting migrant workers.
The central banks of both countries – the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) – are working to enable the service, which is expected to launch soon.
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