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UPI transactions grow 85% in September 2017; Rs 5,293 cr transacted

The Unified Payment Interface (UPI) saw an 85% growth in the total transaction volumes taking place between August and September 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 September were around 589% higher than they were at the end of January 2017. The amount transacted increased by 28% to Rs 5,293 crores over August 2017. The amount transacted in September 2017 was 212% higher than what it was in January 2017. In September, the 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.

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.

2. The number of transactions grew by 14.2 million in September 2017 whereas the total amount transacted increased by, up by Rs 1,166 crores. In the August 2017, volume had increased by only 5 million and amount transacted had grown Rs 715.8 crores.

3. The average amount per transaction declined by Rs 765 to Rs 1,720 for September 2017, it has been trending down, with an increase in the number of transactions. Even then, it has been remained above of Rs 1,500 mark.

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4. The number of banks on UPI increased to 57 in September 2017.

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