The Unified Payment Interface (UPI) saw a 43% growth in the total transaction volumes taking place between July and August 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 August were around 272% higher than they were at the end of January 2017. The amount transacted increased by 21% to Rs 4,127.2 crores over July 2017. The amount transacted in August 2017 was 143% higher than what it was in January 2017. In August, number of transactions and amount transacted occurred per day as a result both were at their highest peak, though average amount per transaction has been decreasing since, March 2017.
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.
2. Number of transactions grew by 4.98 million in August 2017 whereas the total amount transacted increased by, up by Rs 715.85 crores. In the July 2017, volume had increased by 1.28 million and amount transacted had grown Rs 312.99 crores.
3. The average amount per transaction declined by Rs 448 to Rs 2,485 for August 2017, it has been trending down, with an increase in the number of transactions. Even then, it has been remained above of Rs 2,000 mark.
4. The number of banks on UPI increased to 55 in August 2017. Note that the State Bank of India doesn’t know how many of its customers use UPI.