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UPI transactions cross ₹5 lakh crore in March
Surabhi
Mumbai |
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Unified Payments Interface (UPI), the flagship digital payment platform, touched a new high in March and crossed the ₹5 lakh crore mark in terms of value.
Data released by the National Payments Corporation of India on Thursday revealed that UPI processed payments worth ₹5.04 lakh crore in March this year, totalling 273 crore transactions in terms of volume.
Previously in February, UPI had processed payments amounting to ₹4.25 lakh crore through 229 crore transactions.
According to the government’s DigiDhan dashboard, BHIM UPI has emerged as the most popular means of digital payments amounting to 38.77 per cent of all such payments in 2020-21.
ICICI Bank, PhonePe tie up for issuance of FASTags
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Last Updated: Apr 01, 2021, 03:40 PM IST
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Synopsis
This integration allows over 28 crore registered PhonePe users to order and track the ICICI Bank FASTag conveniently on the app, ICICI Bank said in a release. Those PhonePe users who are also ICICI Bank customers do not need to visit physical stores or toll collection locations to buy a FASTag.
Those PhonePe users who are also ICICI Bank customers do not need to visit physical stores or toll collection locations to buy a FASTag.
ICICI Bank and digital payment wallet PhonePe have partnered for issuance of FASTag, which facilitates electronic payment of fee at toll plazas.
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Over the past one year, UPI has seen exponential growth and taking home the biggest shares in the market are players like PhonePe, Paytm and Google Pay. But the growing numbers also come at a time when the National Payments Corporation of India (NPCI) is looking to cap each company’s market share in UPI. According to the NPCI’s official statement, UPI transactions on third party payment apps cannot exceed 30% of the overall volume of transactions processed in UPI during the preceding three months.
While the cap will be effective from January 1, 2021, existing third party operators like Google Pay and PhonePe, who have 40% market share, have been given until 2022 to comply with the new rules.
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