New Delhi: The digital payments continue the trajectory to grow across the country, said a new report by Worldline India titled ‘India Digital Payments Report Q3 2021’.
As per the report, India has clocked around 3.65 billion transactions in volume, Unified Payment Interface (UPI) volume achieved an all-time high record of Rs 4 billion and Rs 7.71 trillion respectively.
In Q3 (July to September) 2021, UPI recorded a 103 percent increase in volume and a close to 100 percent increase in value as compared with Q3 2020. The payments nearly doubled.
The report stated, around 54 percent of the UPI transactions were P2P (person-to-person) transactions while 46 percent were P2M (person-to merchant). In this time period, 30 banks have joined the UPI ecosystem in Q3 2021, bringing the total number of banks providing UPI to 259.
In the report, Deepak Chandnani, The Managing Director of Worldline South Asia & Middle East said, “India is poised to be one the largest and fastest-growing digital payments markets in the world. RBI states that over 56 lakh physical and digital devices have been deployed across tier 3 to 6 centers in addition to north-eastern states as at end of September 2021. It will help achieve Target”