UPI Platform Achieves 38% YoY Growth in Volume, 24% in Transaction Value

CIOTechOutlook Team | Monday, 02 December 2024, 10:17 IST

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On a year-on-year basis the UPI platform recorded a growth of 38% in transaction volume and 24% in the value of transactions. In October, UPI had recorded 16.58 billion transactions while the transaction value stood at Rs 23.50 trillion. The transactions processed on the UPI platform in October was the highest ever since it became operational in 2016.

Average daily transactions for the month of November stood at 516 million and the average daily transaction amount was at Rs 71,840 crore. In October the average daily transactions were at 535 million while the average daily transaction value was at Rs 75,801 crore.

In September the platform had recorded a total monthly transaction count of 15.04 billion, for a value of Rs 20.64 trillion. Recently, NPCI chief Dilip Asbe had said that technical payment failures on the UPI interface had become rare, dropping to 0.7% from over 8% in 2016.

“When we started UPI, the technical declines were in the range of 8-10% and over the period, there has been a lot of efforts from the ecosystem, especially banks to scale up the infrastructure. Today, we have 0.7-0.8% technical declines,” Asbe had said.

He had also said that the NPCI is planning to transition low ticket transactions on UPI to UPI Lite.

“The RBI has increased the limit on UPI Lite, hoping that it will drive transactions on UPI and will reduce the load on banking infra,” Asbe had said. “As the time passes, low-ticket transactions must be migrated to UPI Lite, that is the strategy the overall ecosystem is looking at.”

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