The Unified Payment Interface (UPI) registered 672 million transactions amounting to Rs 1,09,932.43 crores, a mere 8.47 per cent rise in terms of volume and 7.15 per cent hike in terms of value.
The above metrics were quite impressive in the last two months when UPI crossed half a billion transaction volume mark and processed over Rs 1 trillion amount in November and December respectively.
Cashless transactions have now become simpler and convenient thanks to BHIM UPI.@dilipasbe #DigitalIndia #InstantPayments #HighOnUPI #NPCI pic.twitter.com/RPnriJe5dx
— BHIM (@NPCI_BHIM) February 1, 2019
NPCI-owned instant real-time inter-bank electronic funds transfer system IMPS recorded a 3 per cent fall in transaction volume. In December, it registered an 18 per cent growth in transaction volume worth Rs 1,46,898.58 crore.
Besides, the government promoted BHIM witnessed a slump down in transaction volume as well as value. According to the data given by NPCI, BHIM processed 13.98 million transactions amounting to Rs 6,202.51 in January. The figure for the previous month was 17.06 million transaction worth Rs 7,789.19.
In the past couple of months, BHIM has been facing technical glitches which could be a reason behind the decline in the number of transactions in January. A number of BHIM users have taken it to Twitter to raise their concern. BHIM, however, has assured to restore the snag as soon as possible.
As of now, 129 banks are live on UPI. Apart from banking partners, private players such as Paytm, PhonePe, Google Pay and others are major contributors to the UPI ecosystem.
Of late, Amazon has begun testing UPI within a restricted user base. The company is working with Axis Bank for its UPI-powered payments app. Paytm, on the other hand, started testing white-labelled interoperable UPI QR Code for merchants in Bengaluru and Hyderabad.
Reliance Jio is also planning to integrate UPI into its existing app Jio Money.
