UPIs value grew 700 percent in 2018

Tuesday 15 January 2019 13:22 CET | News

The digital transactions via the Unified Payments Interface (UPI) have registered a 700% growth in 2018, according to NPCI and RBI data.

UPI crossed the INR 1 trillion milestone for monthly value in December 2018, growing nearly eight times over 2017. It also achieved a monthly volume of over 600 million, four times the volume of UPI transactions in December 2017.

The total payments industry in India saw a rise of 27% per cent in volume and a fall of 1% in November 2018 over November 2017, according to data released by the Reserve Bank of India. Card transaction saw a growth of 22% in volume and 18% in value in November 2018 against November 2017. During the same period, wallets grew 86% in volume and 72% in value while UPI grew 400% and 753% respectively.

UPI was launched in August 2016 with 21 partner banks and saw a monthly transaction volume less than a lakh and value of INR 3 respectively.

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Keywords: UPI, India, online payments, Unified Payments Interface, NPCI, Reserve Bank of India
Countries: World

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