The Unified Payment Interface (UPI) saw a 31% growth in the total transaction volumes taking place between April 2017 and May 2017, while the amount transacted increased by 23% on a monthly basis to Rs 2,765.3 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 May 2017, average amount per transaction on UPI went down by 6% (month on month) to Rs 3,016. 2. Number of Banks on UPI increased to 49 Banks. There were only 30 banks six months ago. 3. Number of transactions grew by 2,16 million in May 2017 whereas the total amount transacted increased by 524.5 crore. In the April 2017, volume had increased by 0.81 million and amount transacted was fallen down by Rs 150.6 crore respectively.
