India's payments space: UPI shines
India's payment transformation: UPI leads the way
I. India's Unified Payment Interface UPI in-depth explanation
Unified Payment Interface (UPI) in India is gradually becoming the dominant payment method, according to a survey conducted by Business Today magazine's social media. The following is an analysis of the survey results:
1. Indian payment model preferences
Out of 360 voters, about 75% preferred the UPI platform over other payment methods. Cash payments still had a share of 13.61 TP3T, while credit and debit cards were used at 9.551 TP3T and 3.31 TP3T, respectively.
2. Distribution of UPI payments
More than 501 TP3T voters used UPI for transactions below Rs 500 and 13.351 TP3T for transactions of Rs 5000 and above. The user preference for UPI payment amount varies slightly across social media platforms.
3. UPI application preferences
Google Pay, Paytm, PhonePe and BHIM apps are highly preferred by users in UPI ecosystem. Google Pay was the most popular app with 42.451 TP3T votes.
Second, the development trend of UPI in the Indian payment market
While cash payments still have a share in India, UPI is fast becoming the preferred mode of payment for the nation. According to the National Payments Corporation of India (NPCI), the total value of UPI transactions reached Rs 1,062 crore in July.
III. Contact information
India Payments OKPAY offers you 24 hours service with the following contact details:
Telegram: @yindupaytm
WhatsApp: +91 8398843346
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