A notch of Rs 8.26 lakh crore worth UPI (Unified Payments Interface) transactions noted in December, as per the latest data from National Payments Corporation in India (NPCI).
Transaction volumes, too, scaled up during the pandemic year. In 2021, around 3,874 crores transactions were seen, said to be 105% more than the year 2020, which was about 1,887 crores. Off and on coronavirus restrictions has led the increased purchases both online and offline. Mid 2021, the spread of disease caused a phenomenal rise in UPI usage.
The growth of UPI is said to be continued in the year 2022, as per research firm Jefferies.
The market share of online payment portals has also increased considerably. The dataavailable on NPCI’s website sees UPI app players sharing highest percentage growth inmarket segment. Phonepe enjoyed 45% market share in volumes followed by google pay at
35% and paytm at 35%.
