x

Karnataka Continues To Be The Top UPI Contributor

Home »  Banks »  Karnataka Continues To Be The Top UPI Contributor
Karnataka Continues To Be The Top UPI Contributor
Dipen Pradhan - 06 November 2019

Delhi, November 6: Karnataka continues to retain its position as the top Unified Payments Interface or UPI contributor in October 2019, accounting for 27.72 per cent of the total transactions in the country. It was followed by Maharashtra with 14.20 per cent, and Telangana and Andhra Pradesh with 10.76 per cent collectively. On the other hand, the northern state of Haryana entered the club with 7.91 per cent of the total transactions.

The National Payments Corporations of India (NPCI)-backed UPI is a digital payments system for immediate money transfer using mobile device. NPCI on Friday said that UPI transaction reached a 1.15 billion mark for October 2019.

According to data based on transactions that took place on Razorpay’s platform last month, UPI contributed 50 per cent of the total transactions, maintaining a consecutive growth of 11.02 per cent month-on-month. GooglePay topped the chart with 61.19 per cent transactions, followed by PhonePe with 24.95 per cent, while players like Paytm and BHIM contributed to 9.5 per cent, collectively.

GooglePay capped a 9.92 per cent growth rate, while PhonePe registered a growth rate of 16.61 per cent, and Paytm had a growth of 9.58 per cent. Meanwhile, banks like ICICI, SBI, Axis and HDFC contributed 1.08 per cent, 0.31 per cent, 0.14 per cent, and 0.06 per cent of the total UPI transactions, the report noted.

As per Razorpay’s city-wise data, Bengaluru carved a niche for itself with 38.1 per cent of UPI transactions. It was followed by Hyderabad and Pune with 12.5 per cent and 9.5 per cent of UPI transactions, respectively. Tier 2 and 3 cities contributed 30.97 per cent and 6.16 per cent of UPI transactions on Razorpay, the report noted.

RBI Enhances Withdrawal Limit For PMC Bank Depositors To Rs 50,000
HDFC Bank Cuts MCLR By 10 bps

Related Articles