Increase in UPI transactions

UPI

The Unified Payments Interface more so known as UPI is now at its peak of 200 million monthly transactions in April, which is around 7% increase from the previous 178 million transactions in March this year.  The other notable salient features as reported by NPCI are:

  1. The value of transactions has gone up from Rs. 24,172 crore to Rs. 27,021 crore during the said period
  2. The increase in the transactions is attributed to the smartphone based payment applications like Paytm, Flipkart’s PhonePe, GoogleTez and Whatsapp, who have adopted to this payment channel.
  3. The share of Government backed BHIM app has fallen, to end up at 11.95 million transactions.
  4. Also, NPCI adds that the number of UPI users is expected to go up to 100 million over the coming two years.

Also, NPCI is planning to open up UPI for international inward remittances soon.

Author: Admin Bankedge

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