Unified Payments Interface (UPI) transactions hit Rs 2.7 billion

New Delhi: The total volume of Unified Payments Interface (UPI) transactions in Q3 2019 touched Rs 2.7 billion, a whopping 183 percent increase from the same July-September quarter a year ago. In terms of value, UPI clocked Rs 4.6 trillion, up 189 percent from Q3 2018, a new report said on Wednesday.

The number of transactions done on mobile wallets was 1.04 billion, an increase of just 5 percent over previous year period while the value of transactions in the July-September period was Rs 466 billion, an increase of 2 percent over Q3 of the previous year, said the Worldline report titled “India Digital Payments Report - Q3 2019”. “The growth of mobile wallets has not taken off much following the emergence of UPI.

The transactions done using mobile wallets in Q3 2019 are only 10 percent of the size of the total transaction value on the UPI platform,” the report noted. Starting with just 21 member banks and less than 1 million transactions in August 2016, UPI is now adopted by 141 banks. (IANS)

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