Mumbai: Adoption of Unified Payments Interface (UPI) in Bharat — or non-metro India — appears to be far faster than the pace set by the metros. India’s financial capital Mumbai does not figure even in the top 10 in terms of the number of UPI transactions. Districts like Rangareddy and Medchal Malkajgiri have reported a higher number of transactions.
PhonePe, which registers 40% of all UPI transactions through its app, on Thursday said that it would make available anonymised payments data across states, districts and 19,098 PIN code zones across the country. The data gives granular insights, including the nature of payment (merchant, utility or P2P), the phone model used, and the average transaction size. The data on 2,000 crore transactions are showcased on an interactive map of the country, which can be zoomed in to district-level data.
The data shows that recharges, bill payments and P2P categories are higher in tier-2 cities and beyond as, for many, this has been the first digital bill payment option. This is unlike urban areas where customers have been using online payments and other channels for bill payments long before the launch of UPI. Other insights reveal that two-thirds of insurance purchases made using PhonePe are in tier-3 cities and beyond.
Announcing the launch of the platform ‘PhonePe’s Pulse’, the company’s co-founder and chief executive Sameer Nigam said that PhonePe would also make its data available through…