UPI share in P2M payments rises to 34% in June quarter: Report

The share of Unified Payments Interface (UPI) in person-to-merchant (P2M) digital transactions rose to 34% in the quarter ended June 2019 from 12% in April 2018, according to a report by payments services provider Razorpay. UPI was second only to credit and debit cards, which contributed 56% of merchant digital payments in the June quarter.

Between the March and the June quarters of 2019, UPI usage shot up 71%. Harshil Mathur, co-founder and chief executive officer (CEO), Razorpay, said within the fast-growing digital payments pie, UPI is becoming a preferred mode of payment for many. “UPI with a 71% growth is now recognised as the de-facto mode for online payments, both by consumers and businesses, and I believe it will continue to lead the way with more customised offerings and features to drive financial inclusion,” Mathur said.