Digital India: The Digital India path is becoming more solid. Indians are rapidly adopting digital payment methods. The figures tell the entire storey. If we look at October, it was a record month for digital payments in India. According to the report, 421 crore UPI payments resulted in a total of Rs 7.71 crore transactions in the month of October. Please keep in mind that this is a record. When the maximum number of UPI payments and the highest number of UPI transactions are made in the month of October. When it comes to UPI payments, PhonePe is at the top of the list.
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PhonePe processed 193 crore UPI transactions in October, up 19 percent from the 165 crore it processed in September. A transaction worth Rs 3.06 lakh crore was completed in September, and the amount increased to Rs 3.65 lakh crore in October. PhonePe is the most popular UPI payment method, accounting for 47% of all transactions.
In October, 145 crore UPI payments were made through Google Pay, a 12% increase over the previous month, while transaction value increased by 15%. During this time, transactions worth Rs 2.87 lakh crore took place. Google Pay has a market share of approximately 34%. Paytm Payments Bank has surpassed Google Pay to become the third largest UPI player. When compared to the previous month, this represents a 34% increase. Paytm Payments Bank has processed 80,508 crore transactions. During this time, the company market share was 10%.
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WhatsApp Pay has doubled the number of UPI transactions for the second month in a row. It has risen from a low of ten lakhs in September to a high of twenty-six lakhs today. WhatsApp Pay now has a monthly revenue of Rs 104 crore, up from Rs 62.31 crore last month. According to NPCI guidelines, the WhatsApp UPI feature is limited to 20 million users.