UPI transactions volume increases with 32 percent

Monday 3 September 2018 14:10 CET | News

Transactions via the unified payments interface (UPI), India’s payments platform, has registered an increase in August 2018, due the implementation of the 2.0 feature.

UPI transaction volume in August 2018 rose 32% to 312.02 million from 235.65 million in July 2018. According to Business Standard, the drop was mainly due to transfers to the same account not being considered, which amounted to 38.1 million for the month. From 1 August 2018, the National Payments Corporation of India blocked transactions where the payer and the payee account are the same.

The new features of UPI 2.0 like overdraft facility and invoicing among others were targeted towards increasing merchant-to-peer transactions through UPI. Previously, a high number of the transactions were peer-to-peer.

The value of UPI transactions in August stood at INS 542.12 billion, against INS 458.45 billion in July 2018, a rise of 18%, the online publication continues.

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Keywords: UPI, India, Unified Payments Interface, UPI 2.0, National Payments Corporation of India
Countries: World

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