Customers are liking UPI, use of UPI increased in digital payments from customers to shopkeepers, report revealed
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New Delhi. The increase in customer to merchant (P2M) transactions has played an important role in the number of digital payments through the unified payment system UPI increasing manifold to 10 billion in August. This has been said in a report. Worldline’s report says that 151 million transactions were made through UPI in January 2018 and this number increased to 9.3 billion in June 2023.
In August this figure crossed 10 billion. The tremendous growth in P2M transactions has played an important role in this. According to the report, P2M’s share in total UPI transactions was 40.3 percent in January 2022. In one and a half years, this ratio increased to 57.5 percent in June 2023. This ratio is expected to increase further. Apart from this, the size of the average amount sent through UPI transaction also indicates its expansion in future.
The average size of P2M transaction through UPI was Rs 885 in January 2022, which declined to Rs 653 in June 2023. This shows that now people are preferring to do even small amount transactions through UPI. According to the report, the use of electronic toll collection on highways has changed the way toll payment to a great extent. UPI transactions are being used mainly in this payment also.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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