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Popular <keyword id="6358921" type="ORGANIZATION" weightage="20" keywordseo="upi">UPI</keyword> and <keyword id="490792" type="PERSON" weightage="20" keywordseo="Mobile-wallet">mobile wallet</keyword> app PhonePe was launched in 2016 and has come a long way since then. It is no longer only a wallet app and now offers several functions including ordering food, fee payment,<a href="https://www.businessinsider.in/tech/apps/how-to/buy-sell-gold-phonepe/articleshow/73520605.cms"> gold purchase</a> and more. PhonePe recently added a new feature that will allow users to withdraw cash from their bank accounts without using a card. The <keyword id="8639344" type="UNKNOWN" weightage="20" keywordseo="phonepe-atm">PhonePe ATM</keyword> is a digital ATM wherein the company has partnered with merchants to allow users to withdraw cash. The PhonePe ATM feature was introduced earlier this month and is still being rolled out. It is to be noted that this service is completely free, and the user will not be charged anything for using this service. The withdrawal limit will depend on the limit set by your respective bank. How to withdraw cash from PhonePe ATM 
 
 
 
 <div type="image" title="PhonePe ATM cash" msid="73904470" hostid="261"></div>









 <ul><li>Open the PhonePe app on your device.</li><li>At the bottom, click on the ‘Stores’ tab.</li><li>Now, click on the ‘PhonePe ATM’ icon.</li><li>Then, click on ‘Withdraw now’.</li><li>Select a store from the available stores’ and then click on ‘Withdraw Cash’.</li><li>Now, in the currency box, enter the amount you want to withdraw.</li><li> Select the bank account from which you want to debit or withdraw the money.</li><li>Now, click on ‘Pay to Withdraw’ and enter your PIN.</li><li>Now, go to the store that you had selected and collect the cash.</li></ul>Commenting on the launch of the PhonePe ATM service, Vivek Lohcheb, head of offline business development, PhonePe said, “The PhonePe ATM allows customers to withdraw cash without any hassle through our trusted merchant partners. It also helps merchants avoid the hassle of storing cash and making multiple trips to the bank branch to deposit their extra cash.” According to<a href="https://www.businessinsider.in/advertising/brands/article/phonepe-is-looking-at-bharat-for-its-next-phase-of-growth/articleshow/72295764.cms"> a press release</a>, PhonePe has over 9 million registered partners across 300 cities in India. It also has over 185 million registered users, out of which 66 million are<a href="https://www.businessinsider.com/google-pay-adds-features-to-court-indian-merchants-2019-9"> reported</a>ly active. With widespread acceptance across merchants, PhonePe ATM has the potential to become a bridge between users as well as the merchants who wish to save a visit to the bank for cash deposits. Increased footfalls in merchant stores could also help them generate sales from PhonePe ATM users, making it a win-win for all the parties involved. See also: <a href="https://www.businessinsider.in/tech/how-to/recharge-fastag-phonepe-google-pay-bhim/articleshow/73485125.cms">How to recharge your FASTag using PhonePe, Google Pay and BHIM</a> <a href="https://www.businessinsider.in/tech/apps/how-to/buy-sell-gold-phonepe/articleshow/73520605.cms">How to buy and sell gold on PhonePe</a>

How to withdraw cash from PhonePe ATM

<ul><li><keyword id="4878801" type="General" weightage="20" keywordseo="whatsapp-pay" source="Orion">WhatsApp Pay</keyword> is looking to accelerate its growth in India.</li><li>The company is planning to invest a significant amount for its growth in India.</li><li>It will introduce several India-first features to attract more customers to its payment service.</li></ul><keyword id="790242" type="General" weightage="20" keywordseo="whatsapp" source="Orion">WhatsApp</keyword> Pay has been looking to take on its competitors in India, <keyword id="2750705" type="General" weightage="20" keywordseo="google-pay" source="Orion">Google Pay</keyword>, <keyword id="6357886" type="General" weightage="20" keywordseo="phonepe" source="Orion">PhonePe</keyword> and Paytm, head on given its large user base in the country. However, currently the company is facing a market cap of only 20million users in the country from the regulator National Payments Corporation of India (NPCI). Although NPCI has increased the cap to 40 million users, it only amounts to 8% of WhatsApp’s total user-base in the country, claimed to be 500 million. On the other hand, its competitors PhonePe and Google Pay have a market share of 46% and 34% respectively, and WhatsApp Pay amounts to less than 1% of the market share. <cmsannotation type="cmsannotation" annotationid="India-first approach" comment="subhead" text="India-first approach">India-first approach</cmsannotation> To take on its competitors, Meta-owned WhatsApp is looking to make <a href="https://economictimes.indiatimes.com/tech/tech-bytes/whatsapp-pay-plans-significant-investments-in-next-six-months/articleshow/87968578.cms">significant investments </a>on its payment services in India to speed up its growth. In its India-centric approach, a large part of the investment is likely to go into cashback offerings to users on making transactions through its platforms. Recently, it was discovered that <a href="https://www.businessinsider.in/tech/news/whatsapp-offers-51-cashback-as-it-takes-on-phonepe-and-google-pay-in-india/articleshow/87357469.cms">WhatsApp was offering ₹51</a> cashback for the first five transactions done by its users. Luring customers through cashbacks also helped the likes of Google Pay and PhonePe grow in India. Apart from the cashback, WhatsApp has also introduced the ₹ symbol in its chats for payments. Even the camera icon in the chat composer allows users to scan any QR codes. According to Manesh Mahatme, WhatsApp India director-payments, the company has planned significant investments in WhatsApp Pay across India that will include several India-first features to accelerate the growth. <cmsannotation type="cmsannotation" annotationid="Less trust" comment="subhead" text="Less trust">Less trust</cmsannotation> According to a report in <a href="https://www.techradar.com/in/news/whatsapp-pay-looks-to-up-its-game-in-india-this-is-how">TechRadar</a>, WhatsApp will find it hard to win against the likes of Google Pay, PhonePe and Paytm due to its perception. A fintech-analyst claims that according to their research people are less trusting of WhatsApp with financial transactions. So another focus of the heavy investment in India would be on improving its image and sowing trust among its users to use WhatsApp Pay for transactions. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/meet-parag-agarwal-the-iit-bombay-grad-who-is-taking-over-from-jack-dorsey-at-twitter/articleshow/87989039.cms">Meet Parag Agrawal, the IIT-Bombay grad who is taking over from Jack Dorsey at Twitter</a> <a href="https://www.businessinsider.in/tech/apps/news/here-are-the-winners-of-google-plays-best-of-2021-in-india/articleshow/87997438.cms">Google Play’s Best of 2021 India Awards: BGMI, Garena Free Fire MAX, Bitclass and Clubhouse top the ranks this year</a>

WhatsApp Pay to get several India-first features, including cashbacks, in the next six months

<ul><li><keyword id="790242" type="General" weightage="20" keywordseo="whatsapp" source="Orion">WhatsApp</keyword> has started offering a cashback of ₹51 with no limit on the amount sent.</li><li>This feature is currently available to WhatsApp beta users on Android.</li><li>You can get the cashback up to five times, and by sending money to different contacts.</li></ul>WhatsApp started testing cashback for its UPI-based payments service last month. It has now started rolling out this feature to Android beta users on <a href="https://www.businessinsider.in/tech/news/whatsapp-could-soon-offer-cashback-for-payments-in-india/articleshow/86450568.cms" data-type="tilCustomLink">WhatsApp</a>. The new cashback offer seems like a new way for WhatsApp to push its payments service in India. The WhatsApp beta app on Android has started displaying a banner on top of the chat list with the message, “Give cash, get ₹51 back.” You can get a guaranteed cashback of ₹51 up to five times by sending money to different contacts. WhatsApp also hasn’t set a limit on the amount for this cashback offer. We can confirm this works so you can send ₹1 you still get ₹51 back. Once you make the payment, ₹51 is immediately credited to your account along with a notification from WhatsApp. <div type="image" title="whatsapp pay shortcut" msid="87357437" hostid="261" caption="&amp;lt;p&amp;gt;WhatsApp displays a banner about the cashback offer on the app.&amp;lt;/p&amp;gt;"></div> Although the cashback is guaranteed, it looks like you can avail it only five times. This feature is also available only to beta users and on Android. But considering it’s already available for beta users WhatsApp is expected to make it widely available for all users in India. <div type="image" title="Untitled design (7)" msid="87357454" hostid="261" caption="&amp;lt;p&amp;gt;WhatsApp sends a notification once the cashback amount is credited to your account.&amp;lt;/p&amp;gt;"></div> With the new feature, WhatsApp looks like it’s taking the Google Pay route to lure users into using the payments service. Google Pay also offered a cashback of up to ₹1,000 through scratch cards when it first launched in India. This scheme is still going on along with coupons for other services. WhatsApp also launched Google Pay-like background cards that add a little bit of colour and personalised experience to payments. It also added a payment shortcut button right on the chat bar of the app. The WhatsApp Pay shortcut is a rupee symbol button that is very prominent and you will most likely not miss. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/heres-how-you-can-secure-your-android-phones-and-tablets-to-stay-safe-from-privacy-threats/slidelist/87355923.cms" data-type="tilCustomLink">Here’s how you can secure your Android phones and tablets to stay safe from privacy threats</a> <a href="https://www.businessinsider.in/tech/mobile/news/best-smartphones-under-rs-25000-in-india/slidelist/87356343.cms" data-type="tilCustomLink">Best smartphones under ₹25,000 in India in October 2021</a>

WhatsApp offers ₹51 cashback as it takes on PhonePe and Google Pay in India

<ul><li><keyword id="4878801" type="PERSON" weightage="20" keywordseo="whatsapp-pay">WhatsApp Pay</keyword> is now officially live in India after receiving the nod from the National Payments Corporation of India (NPCI). </li><li>While WhatsApp Pay is also a UPI-based payments service, it is different when compared to Google Pay and PhonePe. </li><li>For now, WhatsApp Pay offers only peer-to-peer and UPI payments, while Google Pay and PhonePe provide an entire set of digital payment options. </li><li><a href="https://www.businessinsider.in/business/news/google-pay-has-a-solid-lead-over-phonepe-paytm-and-amazon-pay-in-india-but-its-biggest-challenge-is-yet-to-come/articleshow/76542701.cms">Check the latest news and updates on Business Insider.</a> </li></ul>WhatsApp Pay is now live in India after the National Payments Corporation of India (NPCI) gave it the green signal. With its 400 million user base, WhatsApp can easily take on its rivals Google Pay and PhonePe, even though they have a head start of nearly three years now. WhatsApp has been testing its payments service for a long time in India now. It began testing in 2018, with 1 million users. Since then, WhatsApp Pay has been available for anyone who wanted to use it, but it has <a href="https://www.businessinsider.in/tech/news/whatsapp-pay-upi-rolls-out-while-google-pay-phonepe-have-already-got-the-first-sting-with-the-npci-cap/articleshow/79075049.cms">received the official nod only now</a>. We take a look at how all the three apps handle UPI payments and user experience. <div type="Article" hostid="261" msid="79075049" title="WhatsApp Pay UPI is now live while Google Pay, PhonePe have already got the first sting" mstype="2" mssubtype="0"></div> <keyword id="10231710" type="UNKNOWN" weightage="20" keywordseo="whatsapp-pay-vs-google-pay">WhatsApp Pay vs Google Pay</keyword> vs PhonePe One of the key differentiators between WhatsApp Pay, Google Pay and PhonePe is the payment flow. Payment flow While Google Pay and PhonePe are built from the ground up as payment apps, WhatsApp is purely a messaging app. This has a significant impact on the payment flow and related services offered by all the three apps. For starters, WhatsApp is still the same, with no change in the design or the services offered by it. Messaging is still its primary focus. Making a <a href="https://www.businessinsider.in/tech/apps/how-to/how-to-use-whatsapp-payments-upi-to-send-and-receive-money/articleshow/79076350.cms">UPI payment using WhatsApp Pay</a> is extremely simple, too. All you have to do is open the chat of the person you want to send money to, and click on the attachment button. Select Payments, enter the amount and authenticate it using your UPI PIN. It’s that simple. Google Pay and PhonePe also offer a simple payment flow and let you message your contacts as well. However, they are first and foremost payment apps, which reflects in the design. Additional services On Google Pay and PhonePe, you can also make bill payments, do recharges, transfer money to bank accounts, and for some reason, even play games. Additionally, Google Pay and PhonePe also have cashback offers and rewards to keep users hooked on to their services. In contrast, WhatsApp focuses purely on peer-to-peer payments. It’s great if you want to send money to your family, friends and other contacts, but its usability doesn’t extend beyond that. Language support All the three apps offer support for several Indian languages, apart from English. Here’s how they stack up in this regard: <ul><li>WhatsApp - 10 Indian languages. </li><li>Google Pay - 7 Indian languages. </li><li>PhonePe - 10 Indian languages. </li></ul>Offering support for Indian languages can help these apps enhance their reach. Why WhatsApp Pay? This is a tough question and highly subjective, too. WhatsApp comes with a universal appeal, making sense to have a peer-to-peer payments system that leverages UPI. However, both Google Pay and PhonePe offer peer-to-peer payments and a lot more, too. From bank transfers to balance checks, bill payments, recharges, buying digital gold, and more, they offer an entire digital payment ecosystem. WhatsApp Pay is rudimentary in its current form. While this may seem unattractive to some, its simplicity could help it succeed. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/whatsapp-pay-upi-services-gets-the-green-signal-from-npci-but-rollout-will-be-in-a-graded-manner/articleshow/79068908.cms">WhatsApp Pay UPI services gets the green signal from NPCI, but rollout will be in a 'graded' manner</a> <a>Google Pay partners with Visa bringing tap-to-pay for Indian users</a> <a href="https://www.businessinsider.in/business/news/google-pay-has-a-solid-lead-over-phonepe-paytm-and-amazon-pay-in-india-but-its-biggest-challenge-is-yet-to-come/articleshow/76542701.cms">Google Pay has a solid lead over PhonePe, Paytm and Amazon Pay⁠ in India⁠— but its biggest challenge is yet to come</a>

Here is how WhatsApp Pay stacks up against Google Pay and PhonePe

Popular UPI and mobile wallet app PhonePe was launched in 2016 as the first app built on the Unified Payments Interface. Over two years ago, the company said that it will allow users to buy and sell 24 Karat gold through the app. PhonePe partnered with MMTC-PAMP for gold of 99.99% purity and Safegold with 99.50% purity versions. The rates are updated every five minutes by both the providers and the price displayed in inclusive of 3% GST. The gold that the user buys is stored in an insured locker facility. The users can get gold coins of up to 20 grams delivered to their home. In this post, we will explain how to buy and <keyword id="8623757" type="UNKNOWN" weightage="20" keywordseo="sell-gold-on-phonepe">sell gold on PhonePe</keyword>. How to <keyword id="8623759" type="UNKNOWN" weightage="20" keywordseo="buy-gold-on-phonepe">buy gold on PhonePe</keyword> <ul><li>Log in to the PhonePe app. </li><li>At the bottom, click on ‘My Money’. </li><li>Under the ‘Wealth Management’ section, click on ‘Gold’. </li><li>Now, choose from MMTC-PAMP and Safegold. </li><li>View the current buying price. </li><li>You can enter either the amount or weight of gold you want to buy. </li><li>Now, click on ‘Proceed to Payment’ and complete the payment process. </li></ul>How to view your gold balance <ul><li>Open the PhonePe app. </li><li>At the bottom, click on ‘My Money’. </li><li>Click on ‘Gold’ under the ‘Wealth Management’ section. </li><li>Now, click on the gold provider from whom you have purchased the gold earlier. </li><li>At the top, you will be able to see your gold’s weight and selling value. </li></ul><keyword id="8623755" type="UNKNOWN" weightage="20" keywordseo="how-to-sell-gold">How to sell gold</keyword> <ul><li>Open the PhonePe app. </li><li>At the bottom, click on ‘My Money’. </li><li>Click on ‘Gold’ under the ‘Wealth Management’ section. </li><li>Now, click on the gold provider from whom you have purchased the gold earlier. </li><li>Choose the amount or weight of gold you want to sell. </li><li>The amount will be credited in your bank account. </li></ul>How to get gold delivered <ul><li>Open the PhonePe app. </li><li>At the bottom, click on ‘My Money’. </li><li>Click on ‘Gold’ under the ‘Wealth Management’ section. </li><li>Now, click on the gold provider from whom you have purchased the gold earlier. </li><li>Click on ‘Deliver’. </li><li>Select the gold coin that you want to get. </li></ul>It is to be noted that you will have to pay additional charges for getting gold delivered. The charges vary depending on the provider and the coin selected. See also: <a href="https://www.businessinsider.in/business/news/jewellers-to-sell-only-14-18-22-carat-hallmarked-gold-jewellery-from-jan-2021-paswan/articleshow/73250251.cms">Jewellers to sell only 14, 18, 22 carat hallmarked gold jewellery from Jan 2021: Paswan</a> <a href="https://www.businessinsider.in/stock-market/news/goldman-sachs-says-gold-is-a-better-hedge-than-oil-as-trump-iran-tensions-heat-up/articleshow/73122500.cms">Goldman Sachs says 'gold is a better hedge than oil' as Trump-Iran tensions heat up</a>

How to buy and sell gold on PhonePe

<ul><li><keyword id="3005928" type="PERSON" weightage="20" keywordseo="FASTag">FASTag</keyword> can now be recharged using PhonePe, Google Pay and BHIM.</li><li>At present, Paytm does not allow users to recharge FASTags from other banks.</li></ul>In its push towards automated digital payments at toll plazas, the Indian government has made FASTag mandatory on all national highways. It partnered with over 20 banks to facilitate this change. Earlier, if you had a FASTag from a particular bank, you could add money to it using only that bank’s app or website. A few weeks ago, RBI <a href="https://www.livemint.com/news/india/rbi-makes-fastag-easier-you-can-now-use-upi-and-all-these-other-payment-methods-11577712758505.html">announced</a> that UPI, cards and other payment methods can be linked to FASTags, making recharges easier. Now, popular payment apps such as PhonePe, Google Pay and BHIM can be used to recharge your FASTag. At the moment, only a few FASTag issuing banks have been listed on PhonePe and Google Pay. The remaining banks will likely be added in the coming days. At the moment, Paytm and Airtel Payments Bank is allowing users to recharge only the FASTag issued by them. How to use PhonePe to recharge your FASTag At present, not all users have the option of FASTag recharge in their PhonePe app. If you haven’t received this yet, wait for some time. <ul><li>Open the PhonePe app and click on the FASTag icon. </li><li>Now, select your FASTag issuing bank and provide the required details. </li><li>If your FASTag issuing bank is not listed, please check again after a few days. </li></ul>How to use Google Pay to recharge your FASTag <ul><li>Open Google Pay and click on ‘New’. </li><li>Now, in the ‘Suggested Businesses’ section, click on ‘More’ and select ‘FASTag recharge’. </li><li>Select your FASTag issuing bank and proceed with the recharge. </li></ul>How to use BHIM to recharge your FASTag <ul><li>Open BHIM app and select ‘Send’ from the home screen. </li><li>Now, enter the NETC FASTag UPI ID as netc.VehicleNumber@BankUPIHandle. </li><li>Click verify, enter the recharge amount and your PIN to complete the transaction. </li></ul>See also: <a href="https://www.businessinsider.in/business/news/fastag-govt-relaxes-norms-for-65-high-cash-transaction-toll-plazas-for-30-days/articleshow/73272634.cms">FASTag: Govt relaxes norms for 65 high cash transaction toll plazas for 30 days</a> <a href="https://www.businessinsider.in/business/news/csc-inks-pact-with-paytm-payments-bank-for-sale-of-fastags/articleshow/73088507.cms">CSC inks pact with Paytm Payments Bank for sale of FASTags</a> <a href="https://www.businessinsider.in/business/news/1-10-cr-fastags-issued-till-date-for-electronic-toll-collection-on-national-highways/articleshow/72953655.cms">1.10 cr FASTags issued till date for electronic toll collection on national highways</a>

How to recharge your FASTag using PhonePe, Google Pay and BHIM

New Delhi, Feb 26 () Flipkart-owned digital payments company PhonePe has received about Rs 427.25 crore from its parent firm in another round of funding, according to regulatory filings. PhonePe Pvt Ltd, Singapore (formerly Flipkart Payments Pvt Ltd) was allotted 10,07,670 shares and the total amount paid was Rs 427,25,20,800, according to documents sourced by Paper.vc. The resolution was passed on February 12, it added. The company declined to comment on fund infusion. In July last year, PhonePe had received fund infusion of about Rs 698 crore from its parent firm, while another Rs 585.66 crore was pumped into the company in December. The latest fund infusion is expected to provide PhonePe more muscle to compete in the burgeoning payments segment in India. It competes against the likes of Paytm, Google Pay, Amazon Pay and others in this space. "PhonePe has received the lion's share of its funding since Walmart's acquisition of Flipkart in 2018. During 2018 and 2019, PhonePe received about USD 700 million in funding as the ever-expanding digital payments space heats up in India," Nikhil Kanekal, Analyst at Paper.vc, said. Digital payments have seen significant growth in India after the government's demonetisation drive in 2016. Players like PhonePe and Paytm have witnessed strong growth in user base as well as transaction value and volumes. PhonePe has seen its losses mount to Rs 1,904.72 crore in 2018-19 from a loss of Rs 791.03 crore in the year ended March 2018. However, its revenue from operations rose manifold to Rs 184.22 crore in 2018-19 as against Rs 42.79 crore a year ago. Previously, PhonePe had stated that saw 550 million transactions on its platform in January 2020 and has about 76 million monthly active users. There have also been reports that Flipkart is looking at hiving off PhonePe into a separate entity, a move that would help the payments company raise funds independently. SR RVK

PhonePe receives Rs 427.25 cr capital infusion from parent co

New Delhi, Dec 10 () Flipkart-owned digital payments company PhonePe has received a fund infusion of about Rs 585.66 crore from its parent firm in another round, according to regulatory filings.
 PhonePe Pvt Ltd, Singapore, (formerly Flipkart Payments Pvt Ltd) was allotted 13,81,278 shares and the total amount paid was Rs 585,66,18,720, according to documents sourced by business intelligence platform Tofler
 The company declined to comment on the fund infusion.
 In July this year, PhonePe had received a fund infusion of about Rs 698 crore from its parent firm.
 The latest fund infusion is expected to provide PhonePe more muscle to compete in the burgeoning payments segment in India. It competes against the likes of Paytm, Google Pay, Amazon Pay and others in this space.
 Paytm had recently announced a USD 1 billion (around Rs 7,173 crore) fund raise led by the US-based asset management firm T Rowe Price. Existing investors Alibaba, Softbank and Discovery Capital had also participated in the funding round.
 Digital payments have seen significant growth in India after the government's demonetisation drive in 2016. Players like PhonePe and Paytm have witnessed strong growth in user base as well as transaction value and volumes.
 PhonePe has seen its losses mount to Rs 1,904.72 crore in 2018-19 from a loss of Rs 791.03 crore for the year ended March 2018.
 However, its revenue from operations rose manifold to Rs 184.22 crore in 2018-19 as against Rs 42.79 crore a year ago.
 Previously, PhonePe had stated that it had seen 380 million transactions on its platform in August 2019, as compared to 290 million in the month of June.
 There have also been reports that Flipkart is looking at hiving off PhonePe into a separate entity, a move that would help the payments company raise funds independently. SR HRS

Flipkart-owned PhonePe receives Rs 585.6-cr infusion from parent firm

Payments made via Unified Payments Interface (UPI) reported a 45% yearly growth, according to data from the National Payment Corporation of <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword>). The value of transactions also saw a growth of over 35%, totaling Rs 20.64 trillion. This marks the third consecutive month when total transactions exceeded Rs 20 trillion. In June 2024, the total UPI transaction value was Rs 20.07 trillion, while in May it was Rs 20.44 trillion. NPCI data also showed that the average daily transaction value through UPI in July 2024 was Rs 466 million, or about Rs 66,590 crore. Compared with June, the volume of <keyword id="19957378" type="General" weightage="100" keywordseo="UPI-transactions" source="keywords">UPI transactions</keyword> grew by 3.95% in July, while the value of transactions increased by 2.84%. In the first four months of the current fiscal year (2024-25), UPI recorded transactions amounting to Rs 80.79 trillion, across approximately 55.66 billion transactions. In 2023-24, total UPI transactions were 131 billion, compared to 84 billion in 2022-23. The monthly bulletin of the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI) reported that over the last four years, UPI transactions have seen a ten-fold increase in volume, from 12.5 billion transactions in 2019-20 to 131 billion transactions in 2023-24, which accounts for 80% of the total digital payment volumes. Unified Payments Interface (UPI) transactions experienced substantial growth, increasing by 57% year-on-year in FY24. Within this segment, PhonePe and Google Pay dominated, holding a combined market share of 86%, according to the Boston Consulting Group's (BCG) Banking Sector Roundup for 2023-24. A shift in <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> was noted, with credit card transactions doubling over the past three years. In contrast, debit card transactions declined by 43% year-on-year. By making digital payment platform technology and device agnostic, UPI has contributed to <keyword id="20377974" type="General" weightage="20" keywordseo="financial-inclusion" source="keywords">financial inclusion</keyword> at the grassroots level. Digital payments in India are hitting fresh highs, as citizens increasingly adopt emerging modes of online transactions. One key emphasis of the Indian government has been to ensure that the benefits of UPI are not limited to India alone; other countries, too, can benefit from it. UPI is India's mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly using a Virtual Payment Address (VPA) created by the customer. The share of UPI in digital payments in India has reached close to 80% in 2023. Today, India accounts for nearly 46% of the world's digital transactions, based on 2022 data.

UPI transactions cross Rs 20 trillion for third successive month, in July 2024

<ul><li><keyword id="6358921" type="General" weightage="80" keywordseo="upi" source="Orion">UPI</keyword> clocked over 19.65 billion transactions in volume and Rs 32.5 lakh crore in terms of value.</li><li>The UPI transactions volume and value almost doubled since last year as it recorded about an 88 per cent increase in Q3.</li><li>The top three UPI apps in terms of volume and value were PhonePe, Google Pay and <keyword id="3236791" type="General" weightage="50" keywordseo="paytm-payments-bank" source="Orion">Paytm Payments Bank</keyword> App.</li></ul> The <keyword id="2736678" type="General" weightage="50" keywordseo="unified-payments-interface" source="Orion">Unified Payments Interface</keyword> (UPI), debit and credit cards, prepaid payment instruments like mobile wallets, and prepaid cards logged 23.06 billion transactions amounting Rs 38.3 lakh crore in the third quarter this year, a new report showed on Monday. At the top, the UPI clocked over 19.65 billion transactions in volume and Rs 32.5 lakh crore in terms of value. The UPI transactions volume and value almost doubled since last year as it recorded about an 88 per cent increase in volume and over 71 per cent increase in value in Q3 as compared to the same quarter last year, according to <keyword id="1925688" type="General" weightage="50" keywordseo="worldline-india" source="Orion">Worldline India</keyword>'s 'Digital Payments Report' for the third quarter. The top three UPI apps in terms of volume and value were PhonePe, Google Pay and Paytm Payments Bank App. The top five remitter Banks were <keyword id="6354731" type="General" weightage="50" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword>, <keyword id="6357149" type="General" weightage="50" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword>, Bank of Baroda, Union Bank, and ICICI Bank, whereas the top 5 beneficiary banks were Paytm Payments Bank, YES Bank, State Bank of <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>, Axis Bank, and ICICI Bank. UPI person-to-merchant (P2M) and person-to-person (P2P) emerged as the most chosen payment method among consumers, accounting for 42 per cent of total transaction volume. This was followed by credit and debit card payments, which accounted for 7 per cent of volume and 14 per cent of value. "The swift adoption of digital payments can be witnessed with each passing quarter. Popular payment instruments like UPI, cards, PPIs are already clocking over 23 billion transactions in a quarter," said Ramesh Narasimhan, CEO, India, Worldline. Q3 data indicates healthy usage of credit cards and growth in the average ticket size. For credit cards, it is Rs 4,833; for debit cards, it is Rs 2,073; for UPI P2M, it is Rs 738; for UPI, P2P it is 2,576; for prepaid cards, it is 473; and for M-wallet, it is Rs 382. The total transaction between credit cards and debit cards comes to around 65 per cent and the remaining 35 per cent has been shared between UPI P2P, UPI P2M, and prepaid cards, the report showed. As of September 2022, the overall number of POS terminals installed by merchant-acquiring banks had surpassed 7 million. In Q3 2022, POS deployment increased by more than 41 per cent reaching 7.03 million, when compared to the same quarter of the previous year. In the online space, e-commerce (shopping for goods and services), gaming, utility and financial services contributed to over 86 per cent of the transaction in terms of volume and 47 per cent in terms of value. By the end of the third quarter, there were 1.01 billion credit and debit cards in circulation. Credit card volume and value were 725 million and Rs 3.5 lakh crore in Q3 2022, respectively. In the third quarter of 2022, the volume and value of debit card transactions were 907 million and Rs 1.88 lakh crore, respectively, the report said. At least 58.78 million FASTags have been issued till September, with 36 banks. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/kolkata-hyderabad-and-pune-remain-indias-most-affordable-residential-cities-jll/articleshow/96001910.cms">Kolkata, Hyderabad and Pune remain India’s most affordable residential cities: JLL</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/go-after-big-smugglers-sending-mountains-of-illegal-drugs-into-the-country-fm-to-enforcement-agencies/articleshow/96001566.cms">Go after big smugglers sending 'mountains' of illegal drugs into the country: FM to enforcement agencies</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/gadgets/news/upcoming-new-games-in-2023/articleshow/95999256.cms">Top upcoming games in 2023: Here’s what PC, PlayStation, and Xbox users should expect</a>

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