According to the data available with the National Payments Corporation of India (NPCI), India’s unified payments interface (UPI) payments received 30 percent growth, over 246 million users in June month.
A total of 246.37 million UPI transactions were conducted in June this year, as against 189.48 million in May 2018, recording the highest month-on-month rise for this year, the data showed.
The total value of these UPI transactions stood at Rs 40,834.03 crore in the month of June as compared to Rs 33,288.51 crore in the preceding month, it added.
During the conversation with Pixr8 News, PhonePe Head of Payments and Financial Services Hemant Gala said our platform drove over 50 million UPI transactions at over Rs 100 billion total payment value (TPV) in June.
“We are also one of the largest platforms in terms TPV as our average transaction value is much higher than other players driven by our continuous focus on customer-centric use cases,” he said.
On the other side, India’s leading payment app Paytm also claimed leadership position with respect to UPI transactions.
Paytm Senior Vice President Deepak Abbot said, “Last month, Paytm users did more than 350 million payments using various options. UPI alone contributed to 92 million transactions and is fast becoming an alternative to net-banking for consumers in India“.
Government-owned app BHIM clocked 16.34 million transactions in June, up over 15 percent from 14.16 million in May. The value of these transactions done via BHIM stood at Rs 6,261.25 crore in June as against Rs 5,748.47 crore in May.