Unified Payments Interface (UPI) seen conventional development in exchange volume and esteem from September to October 2024. In October, the computerized installment stage recorded 16.58 billion exchanges, a 10% increment from September’s 15.04 billion, agreeing to information distributed by the National Payments Corporation of India (NPCI).

The exchange esteem surged 14% to Rs 23.50 lakh crore in October from Rs 20.64 lakh crore in September. This development was fueled by a 45% year-over-year rise in exchange check and a 37% rise in exchange value.

Moreover, normal day by day exchange volume expanded from 501 million in September to 535 million in October, with the day-by-day exchange sum coming to Rs 75,801 crore, a recognizable increment from Rs 68,800 crore the past month.

In September, PhonePe kept up its driving position in India’s UPI showcase with a 48% share of exchange volume. Google Pay came in moment with 37.4%, taken after by Paytm in third put with 7%. The showcase share information for October has however to be released.

Recently, the National Payments Corporation of India (NPCI) allowed endorsement to One97 Communications Constrained, Paytm's parent company, to onboard unused clients onto its UPI stage. The unused authorization is anticipated to offer assistance the Noida-based company grow its client base and improve its showcase share in the competitive UPI sector.

In later weeks, NPCI has actualized critical changes to UPI exchange limits. The upper cap for certain sorts of UPI installments has been raised to Rs 5 lakh, whereas the limits for UPI Lite Wallet and UPI 123Pay have too been expanded. These alterations are expecting to energize more noteworthy, advanced exchange appropriation, supporting the Indian government’s driven objective of accomplishing 1 billion exchanges per day by 2026-27.

source: entrackr.