The Unified Payment Interface (UPI) saw an increase of 7% in the total transaction volumes taking place between March and April 2018, according to data published by the National Payments Corporation of India (NPCI). The NPCI is a private company owned by Indian banks, and owns and operates payments systems such as UPI and IMPS.


The total number of transactions in April 2018 were around 27 times higher than in the same month last year. The amount transacted increased by 12% to Rs 27,021.9 crores over March 2018. The amount transacted in April 2018 was 12 times higher than in the corresponding month last year. In April, the number of transactions and amount transacted occurred per day, as a result, were at their highest peak.

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 five months. Note that Google Tez launched on September 18, 2017, and had reported 140 million transactions for the month of October and November since launch, apart from 12 million users. If you look at UPI transactions on a per day basis for each month, there has been a continuous increase.

However, the increase in the number of transactions is probably just a function of cashbacks: new users could be doing P2P transactions worth Rs 1 in hopes of getting a cashback in their accounts. In a blog post, PhonePe had said that:

“Just 40,000 unique consumers did 500+ transactions each in February on Paytm. Paytm’s average transaction value is less than Rs 40. In contrast, 6,000,000 unique customers did 5 transactions each in February on PhonePe. Our average transaction value is over Rs1,800” the PhonePe blog post read.

2. The number of transactions grew by 12 million in April 2018 whereas the total amount transacted increased by Rs 2,849 crores. In March 2018, volume had increased by 6.7 million and amount transacted had grown by Rs 5,046.4 crores.

3. The average amount per transaction rose to Rs 1,422 for April 2018. It has been trending up, with an increase in the number of transactions. It has remained above of Rs 900 mark.

4. The number of banks on UPI increased to 97 in April 2018.