UPI is the earliest implementation of an open-banking-based payment infrastructure that is free for customers and enables them to create verifiable digital financial footprints in real time.
The transfer will also include 280 existing employees from the entertainment ticketing business at the company.
A recent report has said that with digital adoption fast gaining currency, India is likely to see retail digital payments double to $ 7 trillion by 2030 from the current levels.
The volume of UPI transactions in H2 2023 to H2 2022 increased by 56 per cent from 42.09 billion to 65.77 billion, the report said.
In a bold move to revolutionise its digital payments ecosystem, the Reserve Bank of India (RBI) has set its sights on launching an interoperable payment system for internet banking in 2024.
The number of transactions during the month was recorded at 999 million worth Rs 1.51 lakh crore.
The digital revolution creates an illusion of development but real development can take place only through primary activities like promoting agriculture and industries.
Google Pay said that the company had spent around 67 million on monthly active users with an annual gross transaction run-rate of $110 billion.
A KPMG report said that the mobile payment revolution in the country has led to a boom in the number of merchants adopting digital payments with close to 1.5 million digital payment acceptance locations in 2016-17.
The company would offer loans to Paytm customers and merchants through "Deferred Payment or Postpaid" and "Merchant Lines" facilities.
