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In July, the UPI setup creates a massive sphere of 3,247.82 million transactions with added value breaching at the Rs 6 lakh crore mark for the very first time.
The growth was not only significant as for increasing traction for digital payments in India but also for the revival in business activity following the ease in pandemic induced lockdowns in May.
Reserve Bank of India extends timeline for auto-debit till September 30, 2021.
The launch of the service was stuck in regulatory and legal hurdles.
PhonePe like its competitors, allows users to exchange money and recharge mobile. It also provides services like utility payments and market investment. The app has launched a ‘Switch’ platform which allows customers to make payments for apps like Ola, IRCTC, and Oyo.
Unified Payments Interface (UPI) based payments hit a record high of 1.62 billion transactions in the month of August, according to the National Payments Corps. of India.
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