Data revealed by Indian retail payments organisation, National Payments Corporation of India (NPCI), shows that the total UPI (Unified Payments Interface) transactions in the country touched 733.54 million in the month of May.
This is a 6 percent dip from the month of April, when the total transactions in the country stood at 781.79 million.
Although total number of transactions fell, the total value of UPI transactions steadily increased to Rs 1.52 lakh crore in the month of May. This is a 7 percent increase from the month of April when the total value of UPI transactions in the country stood at Rs 1.42 lakh crore.
With this growth, the average transaction value of UPI transactions in the country crossed the Rs 2000 mark. In comparison, the average transaction value of UPI transactions stood at Rs 1700 in April.
Apart from UPI, NPCI also revealed that the total number of AePS (Aadhaar Enabled Payments System) transactions in the country also slightly dipped to 192.11 million in the month of May. Total AePS transactions in the country stood at 197.87 million in the month of April.
While, NETC (National Electronic Toll Collection) transactions in the country stood at 27.52 million in the month of May.
Recently, the Reserve Bank of India (RBI), put out its vision document for the payment and settlement systems in India outlining the roadmap for 2019-2021. In the document, RBI stated that it expects payment infrastructure like UPI and IMPS to register average annualised growth of over 100 percent and NEFT at 40 percent over the vision period.
The apex bank expects the number of digital transactions to increase more than four times from 2,069 crore in December 2018 to 8,707 crore in December 2021.
Also, just last week, Niti Aayog CEO, Amitabh Kant said that the Indian fintech market in India is likely to expand to $31 billion in 2020. He further added that India is one of the fastest growing fintech markets globally, and a total of $6 billion has been invested in Indian fintech over the past three to four years.
Tarush is driven towards delivering unbiased and accurate reportage while engaging with as many mediums as possible to narrate a fresh perspective. Working for the past few years in the digital space with YourStory, he has covered the Indian technology ecosystem extensively, focusing on new age Fintech companies, while building strong connects within the industry.