India's UPI transactions cross 400 M in September; Paytm claims 137 M of them

The National Payments Corporation of India, the umbrella organisation for retail payments in the country, said the total Unified Payments Interface (UPI) transactions in the country for September stood at 405.87 million, up 30 percent from August, when the total number of transactions was around 312 million.

The total value of the transactions during September was around Rs 59,835 crore. In August, this number stood at Rs 54,212 crore.

Paytm, in a statement, said it had powered close 137 million of these transactions, at a 33 percent market share. It added that more than 20 percent of all payments on Paytm were made using BHIM UPI.

Deepak Abbot, Senior Vice President at Paytm said, “It is encouraging to see the widespread adoption of Paytm BHIM UPI as it is fast becoming a preferred payment method. We will continue to invest our efforts to introduce more consumers and merchants to the convenience of Paytm UPI for online and offline use cases.”

NPCI also stated that IMPS transactions in the country grew marginally to 135.74 million in September from 133.58 million in August. Just last month, NPCI released UPI 2.0, the upgraded version of the Unified Payments Interface (UPI).

The new release allowed users (merchants) to link their overdraft (OD) accounts to UPI, enabling them to continue withdrawing money even if the account did not have sufficient funds.