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Number of UPI transactions grew to 1.32 billion in Feb 2020, Rs 2,21,995 crore transacted

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Unified Payment Interface (UPI) saw an increase of 1.4% in the total transaction volumes between January and February 2020, according to data published by the National Payments Corporation of India (NPCI). For the same period, the amount transacted went up by 2.7%. NPCI is a private company owned by Indian banks, it owns and operates important payments systems such as UPI and IMPS. The total number of transactions in February 2020 was around 1.96 times higher than in the same month last year. The amount transacted went up to Rs 2,21,995 crore. The amount transacted in February 2020 was 2.1 times as compared to amount in February 2019. However, given the limited impact of seasonality on digital payments, and the fact that this is supposed to be a high growth sector, month-on-month data needs to be looked at. Some observations…

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