UPI is giving a further boost to the Paytm. Within 3 months Paytm has become the leader of the UPI transactions. You would know that the Paytm is the biggest platform of digital transactions in India.
- The Paytm Registered 68 million UPI transactions at its platform in February 2018. It does not include Wallet transfer of Paytm.
- The UPI transaction of February is 33% more than the January Transaction. In the month of January 2018, there had been 51 million transactions.
- The Paytm Endorsed UPI in the November 2017. In the December 2017, there were 33 million UPI transactions.
- There have been total 171.4 million UPI transactions in February 2018. The NPCI has released this data. The NPCI is the institution which manages the whole UPI payment system.
- In the January there have been 151.8 million UPI fund transfers. So in the February, there was an increase of 13% in the Month of February while there were 3 days less in February. This shows that UPI is growing rapidly.
- This rapid growth of UPI owes to the Paytm and Google Tez. Both of these payment apps are the leaders in UPI Payments. The other big Payment app is the Phonepe.
- According to Paytm, there are 6 million merchants at its platform.
- The Rapid growth of UPI on Paytm Platform owes to its vast user base. After the demonetization, Paytm en-cashed the people’s shift to the digital transaction. You would find the Paytm Payment code at most of the shops.
What is UPI
UPI is the mobile based fund transfer system. The NPCI manages this system through the banks. A bank or its partner can use the UPI payment system. Through this system you can easily transfer fund to any bank account. The transfer is instant and available 24*7. There is no cost for this fund transfer. To know more about the UPI payment system and its conditions, you should read my detailed post on UPI.