Summary
That is a 23% rise compared with the same month last year.
Most small shop payments stay free, keeping costs low for tiny businesses.
Key Points
3 points1
Around 802 million phone money payments were made each day in September.
2
The total money moved was about 29.37 lakh crore rupees.
3
A proposed tiny fee would only affect payments over 2,000 rupees at larger shops.
New Words to Learn
10 wordsUnified Payments Interface
A system that lets people send money using their phones.
National Payments Corporation of India
The organization that manages the phone money system in India.
transaction
An exchange where money moves from one person or shop to another.
billion
One thousand million.
crore
Ten million.
year-on-year
A comparison of numbers from this year to the same period last year.
average
The typical amount found by adding numbers together and dividing.
merchant
A shop or person that sells goods or services.
merchant discount rate
A small charge sometimes added when a shop receives a payment.
Goods and Services Tax
A tax added by the government to many purchases.
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