UPI transactions growth steadies in the month of February

The growth in UPI transactions seems to be slowing: February saw standing at 674 million compared to 672.75 million in January this year.

National Payments Corporation of India (NPCI) said that the total UPI (Unified Payments Interface) transactions in the country stood at 674.19 million in February.

This is hardly any increase from that of January when total transactions stood at 672.75 million.  

The total value transacted over the network also didn’t see much growth. According to the umbrella organisation for India's retail payments in the country, in February, approximately Rs 1.07 lakh crore was transacted over the UPI network. This number stood at Rs 1.10 lakh crore in January.

This is one of the lowest growth rates for UPI since July 2018, when transactions fell by 4.3 percent, compared to June.

However, since its launch in August 2016, UPI reached key milestones in November and December last year. First it crossed the monthly 500 million transaction mark in November and then it crossed a trillion in transaction value in December 2018.

Last month, NPCI, which operates the UPI platform, announced the appointment of new executives to its leadership team. It had appointed Praveena Rai as its new Chief Operating Officer (COO) and Arif Khan as its new Chief Digital Officer (CDO).

Also read: NPCI strengthens its leadership ranks, hires new COO and CDO

Praveena will look at rapid digitsation through formulating and deploying the marketing, business development, product management and operations for NPCI. Arif is expected to lead the further digitisation of the NPCI platform, while being responsible for driving innovation, analytics and technology.

Apart from just UPI, NPCI also houses various other payment infrastructure including - Cheque Truncation System, National Automated Clearing House (NACH), Aadhaar Enabled Payment System (AePS), USSD based *99#, RuPay card, Immediate Payment Service (IMPS), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC) and Bharat Bill Pay.

Also read: Paytm Money opens up to over 42M customers as it integrates with Paytm Payments Bank


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