SUMMARY
UPI has recorded 405.87 Mn transactions in September for a value of $8.18 Bn (INR 59,835 Cr)
In September last year, UPI handled 30 Mn transactions worth a total $723 Mn(INR 5,293 Cr)
The government-run UPI app BHIM registered16.3 Mn transactions in September
National Payments Corporation of India’s instant interbank payment system, Unified Payments Interface (UPI) has recorded 405.87 Mn transactions in September for a value of $8.18 Bn (INR 59,835 Cr).
The growth continues to be nearly 30%, after it recorded 32% growth in August with 312 Mn transactions for a value of $7.41 Bn (INR 54,212 Cr) against 235.6 Mn transactions in July 2018.
However, UPI witnessed a drop of 4% as the number of transactions went down from 246 Mn in June to 235.6 Mn in July 2018.
Notably, in September last year, UPI handled 30 Mn transactions worth a total $723 Mn(INR 5,293 Cr).
NPCI had also launched version 2.0 in July 2018 which included an additional feature such as generating collect payment requests along with invoice/ bill attachment, a one-time mandate with block functionality, signed intent/quick response code and others.
Also, it is important to note here that August and September results were supposed to be the real test for the NPCI’s UPI mandate as the organisation had decided that transactions in which the payer and payee accounts are the same will be blocked from August 1.
Notably, NPCI also planned to enable UPI-based payments for inward international transactions.
As UPI is embedded into the daily life of millions of Indians, here are some statistics for the major market players:
- Paytm recorded 137 Mn UPI transactions in September, a lion’s share of this coming from offline transactions
- The government-run BHIM registered a slight drop in transactions in September—to 16.3 Mn from 16.5 Mn in August
- Prepaid payment instruments or mobile wallets recorded 351.8 Mn transactions, up from 332.9 Mn in June and 350 Mn in May
Credit Suisse predicted that India’s digital payments industry, which is currently worth around $200 Bn, is expected to grow five-fold to reach $1 Tn by 2023.
The continuous growth in digital payments in India has been largely attributed to the UPI and the continuous schemes of cashbacks to make payments lucrative for Indians.
