The Unified Payment Interface (UPI) saw an 37% growth in the total transaction volumes taking place between October and November 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 November were around 23 times higher than they were at the end of January 2017. The amount transacted increased by 37% to Rs 9,679 crores over October 2017. The amount transacted in November 2017 was 5.6 times higher than what it was in January 2017. In November, 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.
1. UPI transactions have been growing since launch. There appears to have been a hockey-stick effect that has taken place in the last three 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 28.3 million in November 2017 whereas the total amount transacted increased by Rs 2,621 crores. In the October 2017, volume had increased by 46 million and amount transacted had grown Rs 1,764 crores.
3. The average amount per transaction grew to Rs 921 for November 2017, it has been trending down, with an increase in the number of transactions. Even then, it has been remained above of Rs 800 mark.
4. The number of banks on UPI increased to 61 in November 2017.