UPI Transactions: Nowadays, from vegetable vendors to big shops, payment is done through QR code. In this series, there has been a manifold increase in payments through UPI in the month of August.
UPI Payment System: Nowadays the use of all UPI including Phone Pe, Google Pay has increased a lot. At present, making payment through UPI has become quite accessible across the country. In today’s time, from vegetable vendors to big shops, payment is done through QR code. In this series, there has been a manifold increase in payments through UPI in the month of August. The UPI facility started by Modi Government is being used everywhere in cities, villages and towns.
The figure reached 10 billion in August
The increase in customer to merchant (P2M) transactions has played an important role in the number of digital payments through the unified payment system UPI increasing manifold to 10 billion in August. This has been said in a report.
Information found in Worldline report
Worldline’s report says that 151 million transactions were made through UPI in January 2018 and this number increased to 9.3 billion in June 2023. In August this figure crossed 10 billion. The tremendous growth in P2M transactions has played an important role behind this.
Where did the data reach in one and a half years?
According to the report, in January 2022, the share of P2M in total UPI transactions was 40.3 percent. In one and a half years, this ratio increased to 57.5 percent in June 2023. This ratio is expected to increase further also.
Customers transfer even small amounts through UPI
Apart from this, the size of the average amount sent through UPI transactions also indicates its expansion in the future. The average size of P2M transaction through UPI was Rs 885 in January 2022, which decreased to Rs 653 in June 2023. This shows that now people are preferring to do even small amount transactions through UPI.
Toll collection also became much easier through UPI
According to the report, the use of electronic toll collection on highways has changed the way toll payment to a great extent. UPI transactions are being used mainly in this payment also.