Unified Payments Interface or UPI, which permits immediate cash transfer via mobile phones among bank accounts, carries its sturdy development, having recorded 171.4 Million payments in February 2018, up 13.5% from the earlier month. This is as per the information rolled out by NPCI (National Payments Corporation of India).
Paytm, the mobile wallet operator, in a note claimed that it has recorded payments worth 68 Million in February on UPI, adding up for approximately 40% of the whole UPI payments in the nation. “We have the biggest share of UPI payments within 3 months of launch,” claimed senior vice-president at Paytm, Deepak Abbot, to the media in an interview. “Paytm UPI is a fraction of our attempts to make transfers of money easier, and bring suitable mobile transactions to existing and new users all over India,” he claimed.
Paytm clocked 51.2 Million UPI payments in January 2018 and 37 Million UPI payments in December 2017. While Google did not share precise payment figures of Google Tez (its payments app) for February 2018, the firm claimed that since beginning in September 2017, it has recorded 250 Million payments in general.
Regardless of February being the shortest month in a calendar, the impressive development of the UPI platform stirred up excited reactions from various companies in the sector. “From 17.6 Million in August 2017 to 171 Million payments in February 2018, 10x in 6 Months! Amazing development in UPI,” tweeted VP at Google for product management, Caesar Sengupta.
February was a vital month for UPI that was criticized after roll out of beta version of WhatsApp for UPI transactions. Vijay Shekhar Sharma, the founder of Paytm, blamed that NPCI, which operates the UPI platform, has been biased towards the Facebook-controlled messaging platform and that version of WhatsApp has safety loopholes, as per sources.
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