New Delhi: The volume of digital transactions in India has grown multifold after the large-scale demonetisation exercise in 2016. Now, there are a number of modes for digital transactions including mobile wallets (Paytm, PhonePe, MobiKwik, etc), Payments banks (Paytm, Airtel, Jio, Aditya Birla and others), traditional modes such as NEFT, RTGS, IMPS, other mobile wallets such as Ola Money, Amazon Pay etc. The inclination of people towards online transactions is largely due to the ease of settlement.
Paytm, the homegrown mobile wallet and e-commerce firm led by Vijay Shekhar Sharma, has topped the UPI transaction count through its interface in the month of January 2019, leaving behind the similar applications such as Google Pay and PhonePe, ET said in a report citing unidentified people with knowledge of the matter.
Unified Payments Interface (UPI) transactions have been rising day after day due to the ease of transferring money in real-time from one bank account to another bank account. Paytm-led UPI transactions in January 2019 were at 221 million whereas UPI transactions via Google Pay and PhonePe stood at 220 million, respectively, ET reported mentioning the same people cited above.
According to the newspaper report, a total of about 672 million UPI transactions were recorded in January as compared to 620 million in December, out of which, UPI transactions through the government-backed Bharat Interface for Money (BHIM) stood at 14 million as compared to 17 million in December 2018.
However, the newspaper report said that the quantum of funds settled per BHIM transaction is still highest among all the other players in the industry. “Merchant payments are growing as non-bank entities are pushing those transactions. Even the number of UPI payments for cab rides is recording almost 2 million per month, growing at a considerable pace,” ET reported quoting an unnamed senior banker.