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UPI transactions grow 12% in July 2017; Rs 3411 cr transacted

The Unified Payment Interface (UPI) saw a 12% growth in the total transaction volumes taking place between June and July 2017, according to data published by the National Payments Corporation of India (NPCI). The NPCI is a company owned by Indian banks, and owns and operates payments systems such as UPI and IMPS. The total number of transactions in July were around 160% higher than they were at the end of January 2017.

The amount transacted increased by 10% to Rs 3,411.4 crores over June 2017. The amount transacted in July 2017 was double (101% higher) of what it was in January 2017.

Some observations:

1. UPI transactions have been growing since March 2017, though if you take into account number of transactions per day, there wasn’t a decline in February 2017 either.

 

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2. Number of transactions grew by 1.28 million in June 2017 whereas the total amount transacted increased by, up by Rs 313 crores. In the June 2017, volume had increased by 1.19 million and amount transacted had grown Rs 333.05 crores.

3. The average amount per transaction remained the same for July 2017, but it has been trending down, with an increase in the number of transactions. Even then, at this scale, Rs 2993 per transaction is a fairly large number.

4. The number of banks on UPI remained the same in July 2017. Note that the State Bank of India doesn’t know how many of its customers use UPI.

Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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