The Rise of UPI in India
Charting the rise of India's cashless economy
This time the post is not about healthcare or the health IT industry.
I wanted to try a video based visualization and took a topic which is currently in the news a lot because of all the things happening around Paytm Payments Bank.
Most of us have heard about UPI in India..
Well, if you have not...UPI, or Unified Payments Interface, is this the instant payment system in India, developed by the National Payments Corporation of India (NPCI) in 2016. Typically, it is used on mobile devices to instantly transfer money between two bank accounts - so if you are paying a friend, buying something off a street vendor, purchasing from an expensive luxury brand - it works almost everywhere now...
But have you ever wondered about the incredible growth of UPI in India?
In 2022, India led the global digital payment game, registering 89.5 million transactions. That's nearly half of all real-time payments worldwide (a solid 46%), as per the stats from MyGovIndia. Fast forward to 2023, the UPI story hit another massive milestone, hitting the 100 billion mark with a whopping ₹117.68 billion!
But who's behind all this action?
Well, the heavyweights of the app universe – PhonePe, Google Pay, and PayTM, with PhonePe leading the pack by holding a steady 46-47% chunk of the transaction pie.
If you want a visual tour on the growth of UPI and these apps in India, check out this video.
Although not directly impacted, will the restrictions placed on PayTM Payments Bank impact how these lines on the chart move over the next days?
We can only wait and watch to see how this evolves…
Source: National Payments Corporation of India (NCPI)
Credits: Eco Technology - Music by Aleksey Chistilin from Pixabay