October 15, 2018

The UPI Juggernaut Continues to Grow

In a development substantiating its position as India’s flag bearer of FinTech innovation, Unified Payment Interface (UPI) crossed the 400 million mark in September. Ever since its launch, UPI has been leading the waves of disruption in the Indian payment landscape and looks to be doing really well in the most crucial and difficult phase for any new solution/business — consumer adoption — as suggested by its transaction statistics. The transaction values, as well as the number of transactions per month, have been growing with a steady compounded quarter-on-quarter (QoQ) growth rate of 73.1% and 100.7% respectively. In terms of MoM growth, the transaction value has been growing at a CMGR of 34.33% since November 2016, whereas the CMGR for the number of transactions in the same period is 38.78%. To put the growth numbers into perspective, the total UPI transaction value in Q3 2018 was almost 11.7 times the…

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