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Truly ‘Digital’: UPI Clocks Close To Rs 75,000 Crore In Transaction Value, Grows 25 Per Cent Month-Over-Month
BHIM App. (Saumya Khandelwal/Hindustan Times via Getty Images)
According to the latest data released by the National Payment Corporation of India (NPCI), the number of UPI (Unified Payments Interface) transactions grew by 19 per cent to 482.3 million in October, which was slower than the growth recorded in the previous three months. However, the total transactional value grew by 25 per cent to Rs. 74,978.27 crore, registering the highest growth in the last three months, as reported by Mint.
On 30 October, NPCI had announced a reduction in the number of transactions that user could perform on UPI, to 10. Previously, one could transfer money upto 20 times to other UPI accounts within a 24 hour period.
“To encourage genuine transactions in the UPI ecosystem and bring in rationality, the UPI transaction frequency limit has been revised to 10 transactions per bank account for P2P segment,’’ as noted in a NPCI circular.
PayTM, one of the first movers in the digital payments space in India has claimed that it recorded a 600 per cent growth in UPI transactions on its platform. According to Credit Suisse, digital transactions in India will reach the $1 trillion in India by 2023.
Despite India’s impressive performance in increasing the volume of online payments under the current NDA government, it still lags behind its BRICS peers.
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