UPI Payment

The transaction value has increased to Rs 1,962 lakh crore to Rs 3,659 lakh crore FY24, growing at a CAGR of 11 per cent. Further, the total value of transactions in the past 5 months of FY25 is an astonishing Rs 1,669 lakh crore, the Department of Financial Services under the ministry has stated.

The Chennai-based company also unveiled B2B payment capabilities using Bharat Bill Payment System, operated by NPCI Bharat BillPay Limited (NBBL). This would, therefore, upon registration with NBBL as a BBPOU, enable Zoho Payment to onboard buyers and sellers on the BBPS network for seamless processing of B2B transactions. According to NBBL's BBPS system, businesses enjoy standardized invoice presentation, multiple options for payment methods, immediate confirmations at the time of payment, financing options for invoices, and an integrated platform for handling and reconciliation of invoices.

It is, according to the report, assessing how critical and emerging technologies like Generative AI to API-based open architecture are leveraged across functions from customer service automation to fraud detection," shared during GFF. Strong fintech ecosystem of the country that is based on digital public infrastructure 1.0 comprising Aadhaar and UPI. In the words of Yashraj Erande, Global Head of Fintech and India Head of Financial Institutions at BCG, "It is creditable that Indian fintechs have achieved 50% growth rate in 2023 against the global average of 13%. It is also encouraging that Indian fintechs demonstrate a path to profitability much earlier than what was expected 2-3 years ago."

The total value of UPI transactions done through the Paytm platform touched Rs 1.24 trillion in May. The strong growth has been a result of user-centric launches, like Credit Card on UPI, and the promotion of UPI Lite.

In addition, 57 per cent indicated that their preferred digital payment method for earning rewards and cashback is UPI, especially during the festive season, according to the report by Nielsen Media India, on behalf of Amazon India.