The Unified Payment Interface (UPI) saw a decrease of 4.4% in the total transaction volumes taking place between June and July 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 July 2018 were around 20 times higher than in the same month last year. The amount transacted increased by 12.3% to Rs 45,845.4 crores over June. The amount transacted in July 2018 was 13 times higher than in the corresponding month last year.

Some observations:

1. UPI transactions have been growing since launch, except May and this month. Growth has typically been driven by new launches and cashbacks: Google Tez launched on September 18, 2017, gave cashbacks, and had reported 140 million transactions for the month of October and November since launch, apart from 12 million users.

2. The number of transactions declined by 10.7 million in July 2018 whereas the total amount transacted increased by Rs 5,012 crores. In June 2018, volume had increased by 56.7 million and amount transacted had grown by Rs 7,545 crores.

3. The average amount per transaction increased to Rs 1,945 for July 2018 with the decrease in volume. It has been trending up, with an increase in the Amount transacted. It has remained above the Rs 900 mark.

4. The number of banks on UPI increased to 114 in July 2018.