UPI transactions (Unified Payments Interface) saw an increase of about 38 per cent in total transaction volume in December 2017. As per NPCI tweet, total UPI transactions in last month recorded 145 million transactions.
Meanwhile, the value of transactions rose about 36 per cent to Rs 13,174 crore in December from Rs 9,679 crore in November.
Cashless transaction have now become simpler and convenient thanks to BHIM UPI. #DigitalIndia #InstantPayments #HighOnUPI @dilipasbe pic.twitter.com/DNHPKjc4pz
— BHIM (@NPCI_BHIM) January 1, 2018
Currently, there are 61 banks live on Unified Payments Interface platform, however, a major portion of transactions are being driven by smartphone-based payment applications such as Google’s Tez, Flipkart-owned PhonePe and Bharat Interface for Money (BHIM).
The number of monthly transactions stood at 105 million in November while the value of transactions hit Rs 9,679 crore during the same period. UPI is the mobile-only digital payment mechanism of the National Payments Corporation of India (NPCI).
Despite the increase in the number of UPI transactions, the average ticket size of a UPI transaction slightly decreased to Rs 908 in December from Rs 921 in November 2017.
Tez drove 74 million transactions and have recorded 10 million users between September 18 and November 18. PhonePe reported around 33 million transactions in November with a 50% month on month growth in transaction value.
Flipkart-owned PhonePe mentioned in December last year that it had processed over 1 million daily transactions in November 2017. Meanwhile, Paytm had claimed to drive 35 million transactions within the first month of integration with Unified Payments Interface.
Proud to have contributed 35mn transactions in the first month of launch of UPI on @Paytm https://t.co/8RYAfDckSv
— Deepak Abbot (@deepakabbot) January 1, 2018
The National Payments Corporations of India had launched the interface for low-value payments and fund transfer across banks in April 2016. The transactions are increasing as more e-commerce players and banks roll out their UPI interface.
