The unified payments interface platform processed 7.3 billion transactions in October, higher by 8% compared to the previous month, data released by the National Payments Corporation of India (NPCI) show. The growth the number of transactions was faster compared to September thanks to the festive season.
In value terms, UPI transactions grew close to 9% to Rs 12.1 trillion. The growth rate of transactions in value terms is higher, indicating an increase in the ticket size.
Around 76% of Indian prefer UPI when it comes to online shopping, according to a survey conducted by global financial technology services provider FIS. Among the age groups, millennials are most frequent to use UPI when shopping online, the report said.
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The adoption of UPI as a payment mode is happening fast, with the number of transactions processed growing from 6 billion to 7 billion in a span of three months. The increase from 5 billion to 6 billion transactions, and from 3 billion to 4 billion transactions took place in three months each. However, the jump from 4 billion to 5 billion transactions took five months.
The Reserve Bank of India (RBI) has come up with initiatives to further support the growth of UPI as a payments platform. The RBI has recently allowed linking of credit cards to UPI. Punjab National Bank, Union Bank of India and Indian Bank have linked their Rupay credit cards to UPI.
