With the Unified Payments Interface (UPI) transactions crossing Rs 10 trillion during the month of May, the platform transactions are increasing.
According to the National Payments Corporation of India, the transactions were at 5.95 billion during the month when it comes to the volume terms.
It terms of both value as well as volume, the UPI transactions more than doubled on a yoy basis.
Value & Volume of UPI Both Doubled
The value of UPI transactions stood at Rs 4.91 trillion in May 2021, whereas the number of transactions totaled to 2.54 billion.
The number of grew by close to 7% while the value rose nearly 6% on month on month basis. In the month of April, the value of such transactions stood at Rs 9.83 trillion.
The value of UPI transactions was at Rs 83.45 trillion for the previous financial year.
The daily debit transactions have been dominated by the UPI, said Nomura Research in a report earlier this month.
The report said that similar spending per transaction in UPI and debit cards, on the back of a strong growth in volumes for UPI, implies that UPI could be eating into the debit card and small-ticket spending pie.
The focus of Reserve Bank of India on digital payments and banking will further aid the growth of the UPI platform. The central bank, in its annual report for FY22, said that it is planning to link UPI to its foreign counterparts.
To link UPI with PayNow, the RBI is already working with the monetary authority of Singapore. By second half of 2022, the linkage is expected to be completed.
Data By NPCI
NPCI also released data for other payment systems as well. The number of Immediate Payments System (IMPS) transactions in May stood at 484.8 million, compared with 471.6 million a month ago. The value of IMPS transactions in May was at Rs 4.5 trillion, against Rs 4.44 trillion in the previous month.
A toll of Rs 43.7 billion via Fastag was paid in the month of May by vehicle owners. In the month of April, the value stood at Rs 42.2 billion.
As compared to the 266 million a month ago, the Fastag transactions in May stood at 285 million.
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