The ease that the new government backed payment platform offers is now vigilant with it getting popular with more and more individuals. For the October month, the UPI payment gateway saw a magnificient spike both in terms of value and number with a month on month increase logged at 149% and totally to as many as 76.77 million transaction. On the valuation basis, an increase of 33% is reported as per the data with the RBI and totalled to Rs 7,027.87 crore.
NPCI created platform proves easy with both end consumers as well as merchant and business entities as the time and hassle involved in adding a payee or beneficiary is done away in UPI payment i.e. without you telling your account details the payment can be remitted into your account and viceversa. Currently, UPI payments are mostly made for peer to peer payments.
Know how to use UPI for making payments, here.
Also, there has been a drop in respect of the value of payment being made through the platform as the ticket size for the last month slipped to Rs. 915. The increase in the use of the UPI interface is also on account of the fact that money can be transferred across bank accounts as against payment wallets that are currently interoperable which means that a Paytm user can now transfer amount to a person who also uses Paytm.
On the contrary, among prepaid instruments and payment wallets and other modes, only USSD saw a drop in number of transactions to 10% on a month on month basis.