Experts estimation of UPI to cross 1 billion monthly transactions seems possible in the next few months. The NPCI-owned payments railroad has recorded 781.79 million transactions in April. This is almost close to the previous month volume when it registered 799.54 million transactions while the daily average transaction has improved as well.
In terms of transaction value, UPI recorded Rs 1,42,034.39 crore in April surpassing previous month milestone of Rs 1,33,460.72 crore.
Cashless transactions have now become simpler and convenient thanks to BHIM UPI. April transaction count for 30 days with a daily average transaction of 26.06 MN per day.
#DigitalIndia #InstantPayments #HighOnUPI #NPCI #BHIMUPI @dilipasbe pic.twitter.com/wJeZMG6gFV
— NPCI (@NPCI_NPCI) May 1, 2019
Considering that April is 30 days month, NPCI-regulated inter-bank electronic funds transfer system (IMPS) has also done well in terms of the daily average transaction amounting to Rs 1,69,197.08 crore.
NPCI 2.0 strategy for UPI has worked quite well for the umbrella organisation that processes around half of all digital payment requests in India. The recent data revealed by the organisation reflected that the transaction success rates on the UPI touched around 87% in March 2019 compared with around 78% in April 2018.
While there are 144 banks are live on UPI, non-banking players like Google Pay, Paytm and PhonePe have led the race as far as monthly transactions are concerned.
Among the above private entities, Google Pay is growing faster than other players in terms of transaction value. In March, the search giant-owned digital payment firm had recorded UPI transactions worth Rs 43,000-Rs 45,000 crore in March.
On the contrary, PhonePe and Paytm are said to have done transactions worth Rs 31,000-32,000 crore each.
The rapid growth of private players has made a huge dent on government-regulated BHIM. The UPI-enabled digital payments app has recorded flat statistics for the past six months.
However, the transaction figure for April reflects a minimal growth with 15.5 million transactions worth Rs 6,583.58 crore.
Seeing the instantaneous rise in UPI-powered payments apps, several players offshore players including MiPay, WhatsApp, Amazon, and Apple have been trying to enter the space for a long time.
While MiPay and Amazon have been allowed to do P2P transaction on a full-fledged basis, WhatsApp is still waiting for approval and Apple already pulled out its initial plan.