Mutual Fund

UPI registers 25% increase in transaction amounts settled

Riding high on festive season sales across ecommerce sites, instant payments platform Riding high on festive season sales across ecommerce sites, instant payments platform Unified Payments Interface (UPI) registered a 25% jump in transaction amounts settled, the highest increase this year.(UPI) registered a 25% jump in transaction amounts settled, the highest increase this year. UPI crossed 482 million transactions in October, up 19% from 405 million in September. The amount settled stood at almost Rs 74,978 crore against Rs 59,835 crore in September. Paytm, which offers a digital wallet service and operates a payments bank, was the largest contributor to UPI payments in India, processing about 180 million transactions in October, the company said in a press note. In addition, NPCI data showed that funds settled through the instant bank-to-bank fund transfer mechanism known has IMPS grew 12% to Rs 1.4 lakh crore in October from Rs 1.25 lakh crore in September. IMPS transactions increased 14% to 154.6 million from 135.7 million in the previous month.

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