{"id":1234,"date":"2019-12-16T18:21:41","date_gmt":"2019-12-16T12:51:41","guid":{"rendered":"https:\/\/www.atomtech.in\/blog\/?p=1234"},"modified":"2023-03-21T14:28:31","modified_gmt":"2023-03-21T08:58:31","slug":"upi-success-story","status":"publish","type":"post","link":"https:\/\/in.nttdatapay.com\/blog\/upi-success-story\/","title":{"rendered":"UPI 2019- Cashless India\u2019s Success Story"},"content":{"rendered":"\n<p>Unified Payments Interface or UPI is an immediate system of accepting digital payments that helps transferring funds between bank accounts through a simple mobile platform. A two-factor authentication system with effortless single click payment system, UPI uses virtual payment address, a unique ID, to make payments.  <br>Since its inception in 2016, the growth in transactions by UPI have been ground-breaking. However, the Quarter 2 2019 marked a period of steady but unenthusiastic growth in the field of accepting UPI payments. <\/p>\n\n\n\n\n<div class=\"wpcf7 no-js\" id=\"wpcf7-f2460-o1\" lang=\"en-GB\" dir=\"ltr\" data-wpcf7-id=\"2460\">\n<div class=\"screen-reader-response\"><p role=\"status\" aria-live=\"polite\" aria-atomic=\"true\"><\/p> <ul><\/ul><\/div>\n<form action=\"\/blog\/wp-json\/wp\/v2\/posts\/1234#wpcf7-f2460-o1\" method=\"post\" class=\"wpcf7-form init\" aria-label=\"Contact form\" novalidate=\"novalidate\" data-status=\"init\">\n<fieldset class=\"hidden-fields-container\"><input type=\"hidden\" name=\"_wpcf7\" value=\"2460\" \/><input type=\"hidden\" name=\"_wpcf7_version\" value=\"6.1.4\" \/><input type=\"hidden\" name=\"_wpcf7_locale\" value=\"en_GB\" \/><input type=\"hidden\" name=\"_wpcf7_unit_tag\" value=\"wpcf7-f2460-o1\" \/><input type=\"hidden\" name=\"_wpcf7_container_post\" value=\"0\" \/><input type=\"hidden\" name=\"_wpcf7_posted_data_hash\" value=\"\" \/><input type=\"hidden\" name=\"_wpcf7_recaptcha_response\" value=\"\" \/>\n<\/fieldset>\n<div class=\"cus-form\">\n\t<p style=\"font-size: 24px;font-weight: 600;text-align: center;\">Enquire Now\n\t<\/p>\n\t<p><label>Products Required:<\/label><span class=\"wpcf7-form-control-wrap\" data-name=\"products\"><select class=\"wpcf7-form-control wpcf7-select wpcf7-validates-as-required form-control\" aria-required=\"true\" aria-invalid=\"false\" name=\"products\"><option value=\"Payment Gateway\">Payment Gateway<\/option><option value=\"POS Machine\">POS Machine<\/option><option value=\"Reseller\">Reseller<\/option><\/select><\/span><br \/>\n<span class=\"wpcf7-form-control-wrap\" data-name=\"uname\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required form-control\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Name*\" value=\"\" type=\"text\" name=\"uname\" \/><\/span><br \/>\n<span class=\"wpcf7-form-control-wrap\" data-name=\"phone\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-tel wpcf7-validates-as-required wpcf7-text wpcf7-validates-as-tel form-control\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Phone*\" value=\"\" type=\"tel\" name=\"phone\" \/><\/span><br \/>\n<span class=\"wpcf7-form-control-wrap\" data-name=\"email\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-email wpcf7-validates-as-required wpcf7-text wpcf7-validates-as-email form-control\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Email*\" value=\"\" type=\"email\" name=\"email\" \/><\/span><br \/>\n<span class=\"wpcf7-form-control-wrap\" data-name=\"message\"><textarea cols=\"10\" rows=\"3\" maxlength=\"2000\" class=\"wpcf7-form-control wpcf7-textarea form-control\" aria-invalid=\"false\" placeholder=\"Message\" name=\"message\"><\/textarea><\/span><br \/>\n\t\n\t<input class=\"wpcf7-form-control wpcf7-hidden\" id=\"utm\" value=\"\" type=\"hidden\" name=\"utm\" \/><input class=\"wpcf7-form-control wpcf7-submit has-spinner\" type=\"submit\" value=\"Submit\" \/>\n\t<\/p>\n<\/div>\n<style>\n.cus-form .form-control{width: 100%!important;margin: 7px 0px;padding: 8px;border-radius: 3px;height: auto;line-height: 20px;}\n.cus-form{display: block;margin: 0 auto;max-width: 400px;width: 100%;padding: 20px;box-shadow: 0px 0px 4px 0px #0000002b;border-radius: 6px;margin-bottom: 25px;padding-bottom: 0px;}\n.cus-form .wpcf7-submit{margin: 0 auto;display: block;}\n.cus-form h3{background: #ff6644;text-align: center;margin: -21px;margin-bottom: 20px;padding: 6px;}\n<\/style>\n<p><script>\ndocument.getElementById(\"utm\").value = window.location.href;\n\ndocument.addEventListener( 'wpcf7mailsent', function( event ) {\n location = 'https:\/\/in.nttdatapay.com\/blog\/thankyou\/';\n}, false );\n<\/script>\n<\/p><div class=\"wpcf7-response-output\" aria-hidden=\"true\"><\/div>\n<\/form>\n<\/div>\n\n\n\n\n<h3 class=\"wp-block-heading\">Here are a\nfew points to help you understand and take a closer look at what UPI has\nachieved so far. <\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>UPI\nrecorded a rapid growth since Financial Year 2016-17 with the transaction\nvolume and value being 17.86 million and INR 69.47 billion respectively. Financial\nYear 2017-18 (April-March) recorded a breakthrough volume and value of 915.23 million\nand INR 1098.32 billion. The figures show a moderate decline in Financial Year\n2018-19 with the transaction volume and value of 625.92 million and INR 1011.44\nbillion. <\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Post three years of its\ninception, UPI marked 10 percent of India\u2019s GDP, including 800 million monthly\ntransactions valued at $19 billion approximate. The first four years witnessed\nrapid growth in its adoption, with 1 lac transactions every month to 77\nmillion, to 480 million, to soaring up to a 1.15 billion transactions every\nmonth. <\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The\ntotal volume of UPI transactions in Quarter 2 2019 was 2.2 billion, a 263%\nincrease from Quarter 2 last year. In terms of value, UPI clocked INR 4.4\ntrillion, up 336% when compared to Quarter 2, last year.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>September\n2019 recorded 955.02 million successful UPI transactions worth INR 1,61,456.56 crore. It has also shown a growth of 4% in\nterms of volume and a 4.5% rise in transaction value from August. <\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>October 2019 witnessed a record\nhigh of INR 1.91 lac crores as compared to INR 75000 crore, in October 2018,\nthrough the UPI platform. <\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>November\n2019 chronicled 1.2 billion transactions made through UPI, adding up to INR 1.9\nlac crore, according to the data published by NPCI.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>BHIM\na quick and seamless digital payment application that accept payments through\nUPI, recorded transactions worth INR 458.45 billion and 235 million in terms of\nvalue and volume in the month of July 2018.<\/li>\n<\/ul>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><a href=\"https:\/\/in.nttdatapay.com\/blog\/upi-2-0-launched-key-features-of-upi-2-0\/\"><strong>Key Features of UPI 2.0<\/strong><\/a><\/p>\n<\/blockquote>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Starting\noff with just 21 banks in August 2016, UPI has successfully managed to onboard\nand is live with 141 banks in August 2019.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>UPI\novertook mobile wallets in terms of transactions volume and value in March\n2019.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Moguls\nof the payment industry, Google Pay, PhonePe and Paytm collectively process\nmore than 90% of UPI transactions where Google Pay leads in terms of both\ntransactions volume and amount.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A\nseries of debut players such as Amazon Pay, Mi Pay and WhatsApp Pay have stepped\nin the market adding fuel to the momentum of the UPI ecosystem.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>According\nto an Economic Times report, the leader Google Pay chronicled a whopping 301 million\nin transactions volume and INR 592 billion in transactions value in July 2019.\nPhonePe recorded 296 million and INR 505 billion respectively whereas, Paytm documented\n133 million and INR 205 in volume and value. <\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The user base of Google Pay grew three-fold to reach 67 million in September this year, up from 22 million in the same month, last year. <\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The\nnew version of UPI, UPI 2.0 has rolled out which includes new features such as\nelectronic mandates which allow users to pre-authorize transactions through\ndigital signatures and biometric verification.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>According\nto a report on digital payments landscape by Boston Consulting Group, UPI would\ndominate the payments space with 59% payments transactions, followed by mobile\nand internet-based payments.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>In order to end the fight for commanding more market share, NPCI has decided to put a cap on the market share to a maximum of 33% from April 2020.<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/in.nttdatapay.com\/blog\/wp-content\/uploads\/2019\/12\/Rise-in-UPI-01.jpg\" alt=\"UPI Transactions\" class=\"wp-image-1240\" width=\"500\" height=\"270\"\/><\/figure>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><strong>What can we expect from UPI?<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Making cash withdrawal through\nATM a seamless process, NPCI, in close coordination with Bank of India and AGS\nTransact Technologies, is in the process of rolling out a system of UPI-enabled\ncash withdrawal through your debit card. Post enablement of the service, the\ncustomers will be able to withdraw cash simply by scanning the QR code or\nthrough UPI app, disregarding the use of credit and debit cards altogether. <\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Reserve Bank of India expects the number of digital transactions to almost quadruple from 20.69 billion in December 2018 to 87.07 billion in December 2021.<\/li>\n<\/ul>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><a href=\"https:\/\/in.nttdatapay.com\/blog\/bhim-2-0\/\"><strong>BHIM 2.0- An insight into the updated features<\/strong> <\/a><\/p>\n<\/blockquote>\n\n\n\n<ul class=\"wp-block-list\">\n<li>With\nthe ever-growing response of UPI, Credit Suisse, a leading financial services\ncompany, estimates that the consumer and SME loan market would grow from $600\nbillion to $3020 billion in the next 10 years.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>NPCI sets up a subsidiary\nto export UPI for governments and central banks interested in the\nimplementation of a similar application for fund transfer, in their countries.&nbsp; <\/li>\n<\/ul>\n\n\n\n<p>The constant surge in the figures of digital transactions show that UPI has been successful in proving itself in the FinTech landscape. With a promising future and the ability to reach significant milestones recurrently, we are looking forward to exploring how UPI will further impact digital payments in India.  With the constant innovation in the FinTech sector, acquaint your business with the power of digital payment modes like UPI, by simply onboarding with <a href=\"https:\/\/www.nttdatapay.com\/\" target=\"_blank\" rel=\"noopener\">NTT DATA PAY<\/a> and deliver your customers with seamless experience whilst elevating your business to greater heights.  <\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Unified Payments Interface or UPI is an immediate system of accepting digital payments that helps transferring funds between bank accounts through a simple mobile platform. A two-factor authentication system with&#8230; <!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":1239,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,17],"tags":[],"class_list":["post-1234","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-payment","category-general"],"_links":{"self":[{"href":"https:\/\/in.nttdatapay.com\/blog\/wp-json\/wp\/v2\/posts\/1234","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/in.nttdatapay.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/in.nttdatapay.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/in.nttdatapay.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/in.nttdatapay.com\/blog\/wp-json\/wp\/v2\/comments?post=1234"}],"version-history":[{"count":12,"href":"https:\/\/in.nttdatapay.com\/blog\/wp-json\/wp\/v2\/posts\/1234\/revisions"}],"predecessor-version":[{"id":2550,"href":"https:\/\/in.nttdatapay.com\/blog\/wp-json\/wp\/v2\/posts\/1234\/revisions\/2550"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/in.nttdatapay.com\/blog\/wp-json\/wp\/v2\/media\/1239"}],"wp:attachment":[{"href":"https:\/\/in.nttdatapay.com\/blog\/wp-json\/wp\/v2\/media?parent=1234"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/in.nttdatapay.com\/blog\/wp-json\/wp\/v2\/categories?post=1234"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/in.nttdatapay.com\/blog\/wp-json\/wp\/v2\/tags?post=1234"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}