Unified Payments Interface (UPI), the bank-to-bank account settlement mechanism run by the National Payments Corporation of India (NPCI), has recorded a 32 percent increase in transaction volume in August.
UPI registered 312 million transactions in August, while it clocked 235.6 million transactions in July.
It has now exceeded credit and debit cards in volume and value, said a Credit Suisse report.
"UPI transactions have seen a jump due to increased thanks to PhonePe, Paytm and Google pay and will zoom further after Amazon and Whatsapp join in," the report said.
In value terms, it is increased by 18 percent year-on-year. Annualised run rate now is about $100 billion, the report said.