The Unified Payment Interface (UPI) saw a 124% growth in the total transaction volumes taking place between December 2016 and January 2017, while the amount transacted increased by 140% on a monthly basis to Rs 1,699 crore, according to data published by the National Payments Corporation of India, a company which is owned by Indian banks, and owns and operates payments systems such as UPI and IMPS.

Some observations:

1. In January 2017, average amount per transaction on UPI went up by 7% to Rs 3,804  on monthly basis since – highest in October 2016.

2. Number of Banks on UPI increased to 36 Banks. There were only 21 banks six months ago.

3. Number of transactions grew by 2.47 million in January 2017 whereas the total amount transacted increased by Rs 990 crore. In the December 2016, volume and amount of transactions had increased by 1.71 million and Rs 607 crore respectively.