Amazon and Google now vie with local start-up Paytm, Walmart-PhonePe and a host of other players in a digital payments market forecast to quintuple to $1 trillion by 2023.
Total value of transactions surpasses Rs 1.6 trillion, or 4.5% higher than that achieved in August
For now, this service is only available to Bank of India customers and at some ATMs
Experts say Paytm - which claims to hold 80 per cent of the merchant digital wallet market in India at present - has much to gain being the first mover in these markets
The second phase of UPI as a payment mechanism commenced from July 1
Three companies, hired by NPCI, are in the process of testing sound-based e-payment technology