The Unified Payment Interface (UPI) saw an increase of 18.8% in the total transaction volumes taking place between September and October 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 October 2018 was around 6 times higher than in the same month last year. The amount transacted increased by 25% to Rs 74,978.3 crores over September. The amount transacted in October 2018 was 10.6 times higher than in the corresponding month last year.

Some observations:

1. UPI transactions have been growing since launch, except May and July. 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. The growth in October 2018 can’t be attributed to any particular service launch.

2. The number of transactions grew by 76.5 million in October 2018 whereas the total amount transacted increased by Rs 15,142.9 crores. In September 2018, volume had increased by 93.9 million and amount transacted had grown by Rs 5,623 crores.

3. The average amount per transaction increased to Rs 1,554 for October 2018 with the increase in amount transacted. It has been trending down, with an increase in the transaction. It has remained above the Rs 900 mark.

4. The number of banks on UPI increased to 128 in August 2018.