- UPI transactions hit 6 Billion mark in July 2022.
- PhonePe stands the top over all UPI applications in India.
- Credit cards going to linked to UPI soon to make transactions.
UPI transactions are gradually increasing every month, According to the NPCI (National Payments Corporation of India) daily over 200 million transactions were made.
The number is double that of the previous year, In reality, UPI (Unified Payments Interface) is the biggest success in the payments era. It allows users to make transactions in seconds.
Although there are several UPI payment apps in India. PhonePe is the market leader. The next is followed by Google Pay, Paytm payments bank, etc. I can say that the user interface provided by the PhonePe is much more attractive and a newbie can easily play around with it.
Not only the UI but also the payment processing speed. Everything is super cool with the PhonePe except its coupons. Maybe they are trying to promote the brands like Lenskart, Zomato, etc. But, coupons or scratch cards are not that useful to the users.
While coming to Google Pay, it’s quite good at offering scratch cards and they always come with some marketing techniques like games, house buildings, levels, etc. However, the ultimate goal of any user is to do a successful transaction.
More than 6 Billion UPI Transactions covered
From the above figure, you can observe the transaction value, change in crores. This is the new record in UPI payments history till now.
Payments on fingertips, just scan and pay, these features made UPI the most preferred. Not only payment transfers but also the bill payments, recharges, gold purchases, and everything. On the other hand, several UPI apps are coming into the market presence.
Also, the rise in newly formed banks is one of the main reasons for hitting 200 million transactions per day. In the past year, in July, there are a total of 234 banks but as of now, the number is increased to 338.
The NPCI (National Payments Corporation of India) annoumced international tourists and travellers to make use of UPI. Also, one of the best feature is yet to launch. i.e linking credit cards to UPI applications. This will surely reach another peak mark of UPI consumers.
Every shop maintaining QR code for hassle free payment collection from peoples. Also, you might aware about the recent paytm payment box (QR). When the user does payment It will anounce the amount received to account.
With this feature, Shop keepers will know whether the transaction is done successfully or not. But, guess what… from these payment announcement boxes paytm earning crores. Because, the shop keeper must pay 120 Rs to use this feature every month. So, totally there are 333 million paytm active users in India. One can analyse the profits with these sound boxes alone.