New Delhi: The Unified Payments Interface (UPI) transaction crossed 23.06 billion in the third quarter this year. The total value of transactions was at Rs Rs 38.3 lakh crore. The UPI transactions volume and value almost doubled since last year. It recorded about an 88% increase in volume and over 71% increase in value in Q3 as compared to the same quarter last year. ‘Digital Payments Report’ published by Worldline India revealed this.
PhonePe, Google Pay, and Paytm Payments Bank App respectively are the top 3 UPI apps in terms of volume and value. The top 5 remitter Banks were State Bank of India, HDFC Bank, Bank of Baroda, Union Bank, and ICICI Bank, whereas the top 5 beneficiary banks were Paytm Payments Bank, YES Bank, State Bank of India, Axis Bank, and ICICI Bank.
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UPI person-to-merchant (P2M) and person-to-person (P2P) emerged as the most chosen payment method among consumers, accounting for 42% of total transaction volume.
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