UPI transactions fall 6% in May

UPI transactions fall 6% in May

BENGALURU: Payments made through the Unified Payments Interface, an interbank fund transfer system, have fallen 6% month-on-month in May against April, the second consecutive decline in terms of number of transactions. As per the data shared by the National Payments Corporation of India (NPCI), UPI transactions reached 733 million in May, as against 781 million in April and around 799 million in March, the highest ever.

In terms of the amount transferred, UPI registered a high of Rs 1.5 lakh crore, which is the most till date, up from Rs 1.4 lakh crore in April.

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% over the last 12 months. Among the major players driving transactions are PhonePe, Google Pay, and Paytm.

Besides UPI, National Electronic Toll Collection, which allows vehicles to pay tolls digitally through Fastags, has also been growing. As per transactions in May, the volumes stood at 27.5 million, a jump of 6%, from 25.9 million in the previous month.

Further, through Aadhaar-enabled Payments (AePS) which allows transactions through micro ATM terminals, NPCI said there were 192 million transactions in May reported against 197 million in April.

Source: economictimes


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