Business / UPI transaction numbers drop as value hits a high

The New Indian Express : Jun 04, 2019, 11:13 AM

The value of Unified Payments Interface (UPI) transactions has registered a high of Rs 1.53 lakh crore in May 3019, up 7.3 per cent from Rs 1.42 lakh crore in April. In terms of numbers, however, transactions have fallen 6 per cent to 733.54 million in May 2019 from 781.79 million in April 2019. The transaction count had hit its highest-ever mark of 799.54 million in March, according to data shared by the National Payments Corporation of India (NPCI).

While digital transactions tend to fluctuate every month, UPI has been growing consistently over the last one year. From around 189 million transactions in May 2018, it jumped 287 per cent over the last one year. The growing popularity of UPI can be attributed to its simple, safe, cost-effective and mobile-based payment system. Among the major players driving transactions are Paytm, PhonePe, Google Pay and MobiKwik, along with 143 banks.