Unified Payments Interface (UPI) transactions in the month of March 2017 stood at 6.2 million and the value of these transactions were Rs 2,390 crore, Reserve Bank of India data showed. This was a month-0n-month growth of 47.62% from 4.2 million transactions in February. The value of transactions stood at Rs 1,900 crore in February. However, there seems to be some discrepancy in the data the RBI shows. Dilip Asbe, COO of National Payments Corporation of India (NPCI) tweeted that the UPI saw 6.1 million transactions and the value of these transactions stood at Rs 2,500 crore. UPI 6 months now March 2017: Rs 2500 Cr & 6.1 Mn fin txns, more efforts needed for less cash india @NPCI_NPCI @NandanNilekani @amitabhk87 — Dilip Asbe (@dilipasbe) April 5, 2017 The UPI went live in August 2016 and got a huge fillip following the demonetization of Rs 500 and Rs 1,000 notes by Prime Minister Narendra Modi in November 2016. Transactions stood at 0.3 million with a value of Rs 90 crore in November 2016. Recently, the NPCI has changed the fee structure for merchants, as indicated by this Economic Times report. “Under UPI, the merchant discount rate (MDR) — the fee borne by the seller to provide services—is 0.25% for payments below Rs 1,000 and 0.65% for all other charges,” said AP Hota, MD & CEO, NPCI. Earlier, the NPCI said it would charge a similar interchange fee to the MDR on debit cards. It’s important to remember that banks are allowed to charge…
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