Non-metro India witnesses faster growth of UPI: Report
Recharges, bill payments and P2P categories are higher in tier-2 cities, as UPI has been the first digital bill payment option for many
Rangareddy and Medchal-Malkajgiri are two districts located on the outskirts of Hyderabad. But what is the significance of these two districts? Well, they have recorded higher number of transactions through Unified Payments Interface (UPI) than metropolitan cities like Mumbai, which does not even feature in the top 10 in terms of number of UPI transactions for April to June period, Times Of India, reported on Friday. This indicates a faster adoption of UPI in non-metros as compared to the metros.
According to data from PhonePe, recharges, bill payments and P2P categories are higher in tier-2 cities, as UPI has been the first digital bill payment option for many. This was unlike urban areas where customers have been using online payments and other channels for bill payments long before UPI was launched. The data showed that two-thirds of insurance purchases made using PhonePe are from tier-3 cities and beyond.
The two districts Rangareddy and Medchal-Malkajgiri have recorded 6.3 and 5.9 crore transactions in the said period, according to the data. Also, Bengaluru urban, Hyderabad and Central Delhi were the only three tier-1 cities to feature in the top 10 list, while the rest were tier-2 and tier-3 cities, data showed. PhonePe records 40% of all UPI transactions through its app.
PhonePe to go the Google way
PhonePe has launched a platform called PhonePe Pulse on Thursday, which would make anonymised payments data across states, districts and 19,098 PIN code zones across the country available to public, just like Google.
The data gives granular insights like the nature of payment (merchant, utility or P2P), the phone model used and the average transaction size. It will also showcase 2,ooo crore transactions on an interactive map of the country and can also display data at the district level.
PhonePe said that it would also make its data available through APIs (Application Programming Interface) to governments, academics, regulators, policymakers and any entity free of cost, according to the publication.