The Unified Payment Interface (UPI) saw a 149% growth in the total transaction volumes taking place between September and October 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, as well as the BHIM application.

The total number of transactions in October were around 17 times higher than they were at the end of January 2017. The amount transacted increased by 33% to Rs 7,057.8 crores over September 2017. The amount transacted in October 2017 was 315% higher than what it was in January 2017. In October, the number of transactions and amount transacted occurred, as a result, were at their highest, though average amount per transaction has been decreasing since, March 2017.

Some observations:

1. UPI transactions have been growing since launch. There appears to have been a hockey-stick effect that has taken place in the last two months. Note that Google Tez launched on September 18th, and has reported 30 million transactions in 5 weeks since launch, apart from 7.5 million users. Note that the chart above shows a slight dip in February. However, if you look at UPI transactions on a per day basis for each month, there has been a continuous increase, as indicated in the chart below.

2. The number of transactions grew by 46 million in October 2017 whereas the total amount transacted increased by, up by Rs 1,764 crores. In the September 2017, volume had increased by 14.2 million and amount transacted had grown by Rs 1,166.2 crores.

3. The average amount per transaction sharply declined by Rs 801 to Rs 919 for October 2017, it has been trending down, with an increase in the number of transactions. Even then, it has been remained above the Rs 900 mark.

4. The number of banks on UPI increased to 59 in October 2017.