Mapping India's digital transactions
2 years, 9 months ago

Mapping India's digital transactions

Business Standard  

Last week, India's central bank finally rolled out Unified Payments Interface for low-cost feature phones. The need for the new service arose because despite transaction volume for digital payments growing, transactions from USSD service were declining. In February, 14 crore rupees worth of transactions were done using the USSD service, way lower than 21 crore rupees value achieved in January 2019. IMPS transactions averaged a 2.48 per cent increase monthly for the last 12 months, compared to 1.01 per cent for NEFT--indicating a growing acceptance for faster money transfers. Even though digital usage is growing in absolute terms, a Business Standard analysis shows that digital transactions have declined as a ratio of gross domestic product.

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History of this topic

UPI hits record with ₹16.73 billion in transactions in December 2024
Trending News
6 days, 15 hours ago

UPI hits record with ₹16.73 billion in transactions in December 2024

Live Mint  

Unified Payments Interface transactions hit a record 16.73 billion in December 2024, shows data released by the National Payments Corporation of India. NPCI also reported that the total value of transactions in December amounted to ₹23.25 lakh crore, which is significantly up from ₹21.55 lakh crore in November. NPCI data NPCI extends deadline for compliance with UPI volume cap On …

UPI hits record 16.73 billion transaction in Dec valued at Rs 23.25 lakh crore
1 week ago

UPI hits record 16.73 billion transaction in Dec valued at Rs 23.25 lakh crore

Deccan Chronicle  

Mumbai: Unified Payments Interface transactions recorded an all-time high of 16.73 billion in December 2024, marking an eight per cent month-on-month increase from November's 15.48 billion. Transaction value was also up by eight per cent to Rs 23.25 lakh crore, compared to Rs 21.55 lakh crore in November as per National Payments Corporation of India data. In value terms, transactions …

India Likely To Log Over 171 Billion UPI Transactions In 2024, NPCI Data Shows
Trending News
1 week, 2 days ago

India Likely To Log Over 171 Billion UPI Transactions In 2024, NPCI Data Shows

ABP News  

The Unified Payments Interface is estimated to surpass 171 billion transactions in 2024, official data from the National Payments Corporation of India revealed. The data showed that this represents a 45 per cent surge in the UPI transactions in the country, as against the 117 billion transactions recorded via UPI in 2023, reported Moneycontrol. On an average, the UPI platform …

UPI achieves record 15,000 crore transactions worth ₹223 Lakh Crore by Nov 2024
3 weeks, 4 days ago

UPI achieves record 15,000 crore transactions worth ₹223 Lakh Crore by Nov 2024

Hindustan Times  

The Finance Ministry said on Saturday that from January to November of this year, 15,547 crore transactions of ₹223 lakh crore were handled through the Unified Payments Interface. From January to November of this year, 15,547 crore transactions of ₹ 223 lakh crore were made over the Unified Payments Interface, "demonstrating its transformative impact on financial transactions" in India.) The …

India at the Forefront of Digital Revolution: RBI’s Patra
1 month, 3 weeks ago

India at the Forefront of Digital Revolution: RBI’s Patra

Deccan Chronicle  

Mumbai: India is at the forefront of the digital revolution and financial technology is speeding up digital payments, the Reserve Bank of India Deputy Governor Michael Debabrata Patra said on Wednesday. Patra in his inaugural address at the DEPR Conference on 'Digital Technology, Productivity and Economic Growth in India' said that the country is uniquely positioned to unlock new growth …

India’s digital payments to grow threefold from 159 bn to 481 bn by FY29: PwC re
4 months ago

India’s digital payments to grow threefold from 159 bn to 481 bn by FY29: PwC re

Live Mint  

- India's digital payments industry is witnessing a huge surge, with transaction volumes growing by 42 per cent year-on-year in FY 2023-24, according to a new report by PwC. In FY 2023-24, UPI saw an impressive 57 per cent YoY growth in transaction volume, surpassing 131 billion transactions. Growth trends The report estimates that by FY 2028-29, UPI transactions could …

Rs 81 lakh crore worth transactions processed by UPI in April-July | DETAILS
4 months, 1 week ago

Rs 81 lakh crore worth transactions processed by UPI in April-July | DETAILS

India TV News  

India's Unified Payments Interface processed nearly ₹ 81 lakh crore transactions in the April-July period this year, which is a staggering 37 per cent increase and surpassing all world's leading digital payments platforms. According to latest data by global payments hub Paysecure, UPI processed 3,729.1 transactions per second — a 58 per cent surge over the 2,348 transactions every second …

RBI’s Digital Rupee: Google, PhonePe, Amazon Pay, Cred, and Mobikwik To join digital currency pilot project
5 months ago

RBI’s Digital Rupee: Google, PhonePe, Amazon Pay, Cred, and Mobikwik To join digital currency pilot project

The Hindu  

Google, PhonePe, Amazon Pay, Cred and Mobikwik are looking to join Indian central bank’s digital currency project by offering transactions in e-rupee, a digital alternative to the physical currency. The news comes as transactions using the digital currency reached over a million a day last year, however, they have declined ever since, to about 100,000-200,000 a day. However, in April …

UPI transactions cross ₹20 trillion for third successive month in July 2024
5 months ago

UPI transactions cross ₹20 trillion for third successive month in July 2024

The Hindu  

Payments through the Unified Payments Interface reported a 45% yearly growth, according to data from the National Payment Corporation of India. In the first four months of the current fiscal year, UPI recorded transactions amounting to ₹80.79 trillion across approximately 55.66 billion transactions. In 2023-24, total UPI transactions were 131 billion, compared to 84 billion in 2022-23. The monthly bulletin …

UPI increases convenience but leading to another problem: Here's what experts have to say
7 months, 4 weeks ago

UPI increases convenience but leading to another problem: Here's what experts have to say

India TV News  

As more and more people in India embrace digital and cashless payments, they are using the Unified Payments Interface to purchase not only daily essentials but also expensive home appliances, high-end gadgets, and designer clothing. However, experts warn that the seamless and quick digital transaction process via UPI may lead people to overspend on items they may not need. According …

Banks rely on AI as digital transactions grow, and methodology of frauds evolves
8 months ago

Banks rely on AI as digital transactions grow, and methodology of frauds evolves

Hindustan Times  

India’s digital transactions continue to see rapid growth, and that translates to big volumes. On April 24, the Reserve Bank of India barred Kotak Bank from issuing new credit cards for now, due to “the absence of a robust IT infrastructure and IT Risk Management framework.” It draws on a mix of factors, including reliability of the bank’s infrastructure alongside …

The UPI paradox: Making you overspend but helping others save
8 months ago

The UPI paradox: Making you overspend but helping others save

India Today  

A small UPI code peeks out of the green coconuts heaped on Yuvraj Yadav's handcart outside a park in Delhi's GK-1. "A significant majority, 74.2% of the respondents, admitted to experiencing increased spending after adopting UPI," Dhruv Kumar, Assistant Professor of IIIT Delhi, tells IndiaToday.In. "Academic research suggests that paying with cash makes people spend more consciously than using digital …

UPI transactions hit a new record with ₹18.23 lakh crore in Dec; 54% higher
1 year ago

UPI transactions hit a new record with ₹18.23 lakh crore in Dec; 54% higher

Live Mint  

The volume of UPI transactions continues to rise month after month as the total monthly transaction amount touched ₹18.23 lakh crore in Dec last year, 54 percent higher than the corresponding data of 2022. Also, the number of UPI transactions hit 11.24 billion in November and 11.41 billion in October. Month Transaction amount No of transactions Oct 17.16 11.41 billion …

India’s Growth Story is Linked to Progress Made on Digitisation and Its Access
1 year ago

India’s Growth Story is Linked to Progress Made on Digitisation and Its Access

The Quint  

The committee on Deepening Digital Payments constituted by the RBI in 2019 under the chairmanship of Nandan Nilekani had recommended that market forces should drive transaction prices for the inclusion of small startups and incentivising innovation. It underlined that while banks have a role in contributing to the payment system, the government and the RBI should also share the cost …

UPI crosses 10 bn transactions second time in September
1 year, 3 months ago

UPI crosses 10 bn transactions second time in September

Deccan Chronicle  

Chennai: With Unified Payments Interface crossing 10 billion transactions for the second straight month, this seems to have become the new normal for the payment interface. UPI recorded 10.56 billion transactions worth Rs 15.8 lakh crore in September, according to the National Payments Corporation of India. While the transaction volume marginally increased from Rs 15.76 lakh crore in August to …

UPI transactions surged to 9.3 bn in June 2023, driven by P2M: Worldline report
1 year, 3 months ago

UPI transactions surged to 9.3 bn in June 2023, driven by P2M: Worldline report

Live Mint  

The United Payments Interface transactions in India surged by 62% in the first half of 2023 compared to the same period last year. The UPI transactions reached 9.3 billion in June 2023, up from 151 million in January 2018, primarily driven by the growth in Person-to-Merchant transactions, a report by the global payments service provider Worldline revealed Tuesday. In January …

Data | UPI payments: relief for users, a headache for banks
1 year, 6 months ago

Data | UPI payments: relief for users, a headache for banks

The Hindu  

The dizzying array of daily limits on United Payments Interface transactions set by apps and banks — both in terms of value and volume — has put the spotlight on the rapid rise in such transactions in India in recent years. Such limits were introduced given the surge in the volume of UPI transactions in India in recent years after …

India tops in digital payments, records 89.5 mn transactions, says MyGovInd
1 year, 6 months ago

India tops in digital payments, records 89.5 mn transactions, says MyGovInd

Live Mint  

India global rankings in digital payments for the year 2022, according to data from MyGovIndia. As per the data, India in the year 2022 accounting for 46 per cent of the global real-time payments, adding that the digital payment transactions in India is more than the other four leading countries combined. In digital payments, India has been witnessing new milestones, …

India expected to become 50% non-cash economy in consumption by 2026
1 year, 8 months ago

India expected to become 50% non-cash economy in consumption by 2026

Firstpost  

India is expected to become a 50 per cent non-cash economy in consumption in the next three years. According to a new report, the person-to-merchat digital transactions could reach over $1.5 trillion by the Financial Year 2026. Saurabh Trehan, Partner and Leader of the Financial Services practice, Bain & Company, said, “With the current technical and financial momentum, India is …

'Net' Gains: Digital Transactions in India in 2022-23 Break All Records
1 year, 11 months ago

'Net' Gains: Digital Transactions in India in 2022-23 Break All Records

News 18  

The number of digital transactions in India in this financial year is at a historic high, zooming past the last fiscal’s figure with still three months to go. The latest government data reveals that 9,192 crore digital transactions have been done in the country in this financial year till December 31, 2022. The total value of digital transactions in India …

India records more digital payments than US, UK, Germany & France: Vaishnaw
1 year, 11 months ago

India records more digital payments than US, UK, Germany & France: Vaishnaw

Hindustan Times  

Union minister Ashwini Vaishnaw on Friday said India's digital payments transactions last year exceeded those of the combined digital payments of United States, United Kingdom, Germany and France, ANI reported. "In December 2022, the digital payments transactions amounted to $1.5 trillion annualised basis. If you compare total digital transactions in US, UK, Germany and France and combine them, India's figures …

Centre earmarks ₹2,600 crore as incentive for banks to promote digital payments
1 year, 11 months ago

Centre earmarks ₹2,600 crore as incentive for banks to promote digital payments

The Hindu  

The Union Cabinet approved an outlay of ₹2,600 crore to promote payments using RuPay cards and the Unified Payments Interface, Union Minister Bhupendra Yadav announced on Wednesday. Banks will be provided this incentive money to promote such digital payments, the Cabinet said in a press release. “The scheme will also promote UPI Lite and UPI 123PAY as economical and user-friendly …

UPI Transactions In December Hit 782 Crore, Value At Rs 12.82 Lakh Crore: NPCI Data
2 years ago

UPI Transactions In December Hit 782 Crore, Value At Rs 12.82 Lakh Crore: NPCI Data

News 18  

The Unified Payments Interface transactions touched a record 782 crore in December during the calendar year 2022, amounting to a record high of Rs 12.82 lakh crore. Meanwhile, during July-September 2022, digital payments, including unified payments interface, debit and credit cards, mobile wallets and prepaid cards, witnessed a total of 23.06 billion transactions aggregating to Rs 38.3 lakh crore. Currently, …

India's digital rupee fails to excite interest, bankers say
2 years, 1 month ago

India's digital rupee fails to excite interest, bankers say

The Hindu  

A month into India's pilot project for using an official digital rupee for inter-bank and institutional transactions, stakeholders are seeing no benefits, several bankers said. Indeed, the e-rupee, one of several central bank digital currencies being tried around the world, had a drawback, they said: each trade using it had to be settled individually, whereas trades in the established interbank …

Soon UPI Transfer Service To Start Between India-Singapore; Details Here
2 years, 1 month ago

Soon UPI Transfer Service To Start Between India-Singapore; Details Here

News 18  

Money transfers between India and Singapore using the unified payments interface will start soon, and technical preparations to link UPI and PayNow have been completed. “Singapore wants to connect its PayNow with UPI and that project will finish sometime in the next few months when that happens anybody sitting in Singapore will be able to send money to their family …

UPI transactions up over 3 per cent at 678 crore in September: NPCI Data
2 years, 3 months ago

UPI transactions up over 3 per cent at 678 crore in September: NPCI Data

India TV News  

UPI transactions grew by over 3 per cent to 6.78 billion in September from a month ago, data from NPCI showed on Saturday. In value terms, 6.78 billion transactions in last month corresponds to transactions worth Rs 11.16 lakh crore, up from Rs 10.73 lakh crore in August, as per the National Payments Corporation of India data. In July, India …

Digital currency to bring down time, cost for cross-border transactions: RBI’s Sankar
2 years, 4 months ago

Digital currency to bring down time, cost for cross-border transactions: RBI’s Sankar

The Hindu  

Central bank digital currency, to be launched this year, could become a tool for reducing time and cost for cross-border transactions, Reserve Bank Deputy Governor T. Rabi Sankar said on Wednesday. Explained | RBI’s digital currency plans Observing that India has an excellent, cheap and fast domestic payments system, he said the cost of cross-border payment, however, is still high. …

UPI: To charge or not to charge
2 years, 4 months ago

UPI: To charge or not to charge

Hindustan Times  

From less than a crore in monthly transactions in July 2016, the value of United Payments Interface transactions has grown to ₹10.6 lakh crore in July 2022. The ministry’s view may be driven by prudence, but it also needs to look at the challenge of sustaining the digital payments revolution, and perhaps India the global leader in this realm. The …

UPI: the dawn of digital fintech nirvana
2 years, 6 months ago

UPI: the dawn of digital fintech nirvana

The Hindu  

If you own a smartphone, you have most probably done UPI-based payments using BHIM or some other mobile application. Secondly, a Payment Service Provider takes care of the to-and-fro transactions to this VPA and finally, the UPI software orchestrates the fund movement from a customer’s VPA to a target VPA and completes the transaction. A ubiquitous payment system The popularity …

UPI Reaches Another Milestone in May with Record Transactions Worth Rs 10 Lakh Crore
2 years, 7 months ago

UPI Reaches Another Milestone in May with Record Transactions Worth Rs 10 Lakh Crore

News 18  

UPI Makes Record: Unified Payments Interface transactions have reached yet another milestone in May, new data from the National Payments Corporation of India, or NPCI, showed. As per the data, India’s flagship digital payment platform UPI has broken yet another record by processing transactions worth more than Rs 10 lakh crore. As per data available on the NPCI website, UPI …

More than Rs 83 lakh crore exchanged using UPI mode of transaction in 2021-22
2 years, 9 months ago

More than Rs 83 lakh crore exchanged using UPI mode of transaction in 2021-22

India TV News  

Highlights UPI has been used for exchanging a value of Rs 83 lakh crore in the financial year 2021-22. The popular Unified Payments Interface digital payments method has clearly won hearts and has been used for exchanging a value of Rs 83 lakh crore in the financial year 2021-22. The transaction value till March 29 stood at Rs 8.8 lakh …

Data | India transitions from money purse to digital wallets
2 years, 9 months ago

Data | India transitions from money purse to digital wallets

The Hindu  

The pandemic has accelerated India’s transition to a digital economy. The RBI’s newly introduced digital payments index also shows that digital payments surged in India, especially during the pandemic. However, the currency in circulation as a % of the GDP has crossed pre-demonetisation levels in India and is the highest among the economies compared Wallets preferred The chart shows the …

RBI to soon float paper on reasonableness of charges on transactions via digital payments
3 years, 1 month ago

RBI to soon float paper on reasonableness of charges on transactions via digital payments

India TV News  

With a view to make digital transactions more affordable, the Reserve Bank of India will soon come out with a discussion paper on the reasonableness of charges on transactions through digital mode. Observing that concerted efforts by all stakeholders have led to a significant increase in digital payments in recent years, RBI Governor Shaktikanta Das said there have, however, been …

Digital Transactions This Financial Year May Touch Volume of 70 Billion, Cross Pandemic Year Record
3 years, 1 month ago

Digital Transactions This Financial Year May Touch Volume of 70 Billion, Cross Pandemic Year Record

News 18  

The volume of digital payments made by Indians in the current financial year is set to hit 70 billion at the current pace and easily surpass the record levels of 2020-21 when the Covid-19 pandemic had hit home and made people shift to doing digital payments in a big way. This is already in touching distance of 45.72 billion digital …

This Is Govt’s New Plan To Make More People Use UPI And Other Digital Payments
3 years, 1 month ago

This Is Govt’s New Plan To Make More People Use UPI And Other Digital Payments

News 18  

The Telecom Regulatory Authority of India has issued a proposal to make digital payments more accessible for Indian users. The TRAI proposal seeks to make Unstructured Supplementary Service Data messages free for all mobile customers in India. In its new report, TRAI said that the proposal to make USSD messages free for all users is based on recommendations of a …

TRAI suggests free USSD messages for all users to encourage digital payments
3 years, 1 month ago

TRAI suggests free USSD messages for all users to encourage digital payments

India Today  

The Telecom Regulatory Authority of India has released a proposal suggesting rationalisation of Unstructured Supplementary Service Data messages from 50 paise to zero rupees for all mobile customers to encourage digital payments in the country. The regulator said the present tariff per USSD session for mobile banking offered by telecom service providers is several times higher than the average tariff …

UPI recorded 2.23 billion transactions worth Rs 4.16 trillion in December 2020 reports NPCI
4 years ago

UPI recorded 2.23 billion transactions worth Rs 4.16 trillion in December 2020 reports NPCI

Firstpost  

Unified Payments Interface or UPI has crossed Rs 4 trillion worth transactions in a month. The digital payments system has recorded 2.23 billion transactions amounting to Rs 4,16,176.21 crore or Rs 4.16 trillion in December 2020, according to NPCI. This is a one percent jump in volume and a 6.4 percent surge in value for UPI from November which had …

Digital outages show volumes outpacing IT upgradation in India
4 years, 1 month ago

Digital outages show volumes outpacing IT upgradation in India

Live Mint  

Mumbai/New Delhi: Frequent outages in digital delivery of financial services in India could be a concern in a post-covid world, where such transactions are of significant importance for consumers and providers alike. However, recent experiences like that of HDFC Bank customers and more recently for customers of India’s largest lender State Bank of India on the Yono mobile app say …

UPI transactions rise 6.7% to 2.2 billion in November
4 years, 1 month ago

UPI transactions rise 6.7% to 2.2 billion in November

Live Mint  

Unified Payments Interface transactions grew 6.7% sequentially to 2.2 billion in November, data released by the National Payments Corp. of India showed. For the first time, UPI transactions breached the 2-billion mark in October. Last month, NPCI managing director and chief executive Dilip Asbe said that daily UPI transactions could touch 1 billion in two to three years as new …

A cap on UPI transactions could hold digital India back
4 years, 1 month ago

A cap on UPI transactions could hold digital India back

Live Mint  

While India entered a technical economic recession in the first half of 2020-21, some sections of the bureaucracy seem unaware of the situation on the ground and continue to announce policies without due consideration of their potentially adverse impact on businesses and the Indian economy. A volume-based cap would compel TPAPs to either limit the number of transactions on their …

Opinion | Bridging the financial divide digitally
4 years, 3 months ago

Opinion | Bridging the financial divide digitally

Live Mint  

The world economy has succumbed to the covid-19 pandemic over the past few months, leading to steep cuts in discretionary purchase. The phenomenal growth of the Unified Payment Interface in a country as diverse as India has drawn attention of all the big tech companies around the world with firms like Google requesting the US Federal Reserve to build a …

The crisis has pushed card payments to shift to UPI: Ashneer Grover
4 years, 5 months ago

The crisis has pushed card payments to shift to UPI: Ashneer Grover

Live Mint  

India’s digital payments economy made a strong comeback during the pandemic as lockdown restrictions and fears of contracting infection forced consumers to look for alternatives to cash transactions. Covid-19 is not only providing strong tailwinds to the digital payments ecosystem but will also lead to digitizing and improving the underwriting capabilities of digital lenders in the long term, Ashneer Grover, …

UPI payments hit all-time high of 1.34 bn transactions in June
4 years, 6 months ago

UPI payments hit all-time high of 1.34 bn transactions in June

India TV News  

Payments on Unified Payments Interface in June hit an all-time high of 1.34 billion in terms of volume with transactions worth nearly Rs 2.62 lakh crore, as per National Payments Corporation of India data. UPI payments had fell to 999.57 million in terms of volume with transactions worth Rs 1.51 lakh crore in April, following the coronavirus-induced lockdown that halted …

People in India are transacting digitally more during Coronavirus lockdown
4 years, 8 months ago

People in India are transacting digitally more during Coronavirus lockdown

India TV News  

Digital payments in India are surging in the ongoing Covid-19-caused lockdowns which will accelerate mobile data/4G penetration and build an ecosystem of services. Already, India's retail digital payments were expanding with retail digital volumes expanding at 56 per cent compounded annual growth rate from December 2015 to December 2019 and value expanding at 30 per cent CAGR. "Our talks with …

Opinion | Business possibilities in a world of digital payments
4 years, 11 months ago

Opinion | Business possibilities in a world of digital payments

Live Mint  

Among the many travails being faced by our honourable finance minister Nirmala Sitharaman nowadays is the furore caused by her recent announcement of the zero merchant discount rate policy for payments through RuPay debit cards and Unified Payments Interface instruments. Critics of this policy lament that it would begin to reverse the progress India has made in recent years to …

Three years since demonetisation, cash is back
5 years, 2 months ago

Three years since demonetisation, cash is back

The Hindu  

Three years since demonetisation, the level of cash with the public has grown faster than the GDP growth of the country, even as digital payments — especially those on the Unified Payments Interface platform — have seen robust growth. Demonetisation: a year later According to the RBI’s annual report, the number of UPI payments in 2018-19, at 535 crore, for …

Domestic growth of India's computer services to cut 'over-reliance' on exports: UNCTAD
5 years, 4 months ago

Domestic growth of India's computer services to cut 'over-reliance' on exports: UNCTAD

India TV News  

The domestic market for India's computer services sector is forecast to grow faster than its export market lessening its "over-reliance" on foreign countries, according to a report by the UN Conference on Trade and Development. In India, which ranked second globally among the exporters of information communications technologies services, the domestic market for computer services "is forecast to grow faster …

Budget 2019-20: Digital payments are gaining greater acceptance, says Finance Minister Nirmala Sitharaman
5 years, 6 months ago

Budget 2019-20: Digital payments are gaining greater acceptance, says Finance Minister Nirmala Sitharaman

India TV News  

Finance Minister Nirmala Sitharaman on Friday presented her first budget. This is what she said about Digital Sector in India Digital payments are gaining greater acceptance In India, over 3,134 crore digital transactions were done during 2018-2019, according to Digital India’s official Twitter handle. The government was also expected to bring in some changes to promote its policy of digital …

Demonetisation, Aadhaar spurred digital payments growth: RBI
5 years, 7 months ago

Demonetisation, Aadhaar spurred digital payments growth: RBI

The Quint  

New Delhi, June 8 After the demonetisation of Rs 500 and Rs 1000 notes in 2016 pushed digital payments, Aadhaar-enabled electronic know your customer resulted in an exponential growth of such payments in the country, according to a new report by the Reserve Bank of India. India recorded an accelerated growth rate of over 50 per cent in the volume …

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