The Unified Payment Interface (UPI) saw a 4% decline in the total transaction volumes taking place between January and February 2017, while the amount transacted increased by 12% on a monthly basis to Rs 1,902.8 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 February 2017, average amount per transaction on UPI went up by 16% to Rs 4,422 on monthly basis since – highest in October 2016.

2. Number of Banks on UPI increased to 44 Banks. There were only 25 banks six months ago.

3. Number of transactions went down by 0.16 million in February 2017 whereas the total amount transacted increased by Rs 203.8 crore. In the previous month, volume and amount of transactions had increased by 2.47 million and Rs 990 crore respectively.