Civic Tech

UPI transactions crosses $100 bn for 1st time in October

Currently, PhonePe, Google Pay and Paytm are the leaders in the digital payments space.

New Delhi: India saw a whopping Rs 7.7 lakh crore (over $100 billion by value) digital transactions via unified payments interface (UPI) in October for the first time, according to latest data released by the National Payments Corporation of India (NPCI) on Monday.

In the month of October that saw record festive shopping across e-commerce platforms, digital payments witnessed 4.2 billion UPI transactions in total.

In September, the NPCI recorded digital payments worth Rs 6.54 lakh crore via 3.65 billion UPI transactions.

Currently, PhonePe, Google Pay and Paytm are the leaders in the digital payments space. PhonePe registered digital transactions worth Rs 3.06 lakh crore and Google Pay Rs 2.5 lakh crore in September.

PhonePe currently has over 325 million registered users. The platform is also accepted at over 22 million merchant outlets across India.

A PhonePe Pulse study in September revealed that over 300 million Indians from 19,000 pin codes now use digital payments.

Source: IANS