BENGALURU: The Unified Payments Interface (UPI) is closing in on the 200 million monthly transactions mark, hitting 190 million in April, a nearly 7% jump from the 178-million transactions in March.
The value of transactions increased to Rs 27,021 crore from Rs 24,172 crore during this period, as per data shared by the National Payments Corporation of India (NPCI). UPI, which was launched in August 2016, had closed 2017-18 with nearly one-billion transactions of Rs 1 lakh crore in value.
UPI has seen a spike in transactions in the past few months, as smartphone-based payment applications such as Paytm, Flipkart’s PhonePe, Google Tez and WhatsApp have adopted this payment channel.
Subsequently, the share of the government-backed BHIM app has fallen, registering 11.95-million transactions in March for a value of Rs 4,839 crore. However, PhonePe had claimed in March this year that the number of transactions on UPI might be muddled by low average selling price transactions triggered by cashbacks being offered by certain players.
NPCI’s data for April shows that transactions under the immediate payment service saw a slight dip to 109-million transactions from 110 million in March.
Dilip Asbe, head of NPCI, which is the nodal authority for UPI and other digital transactions, had told ET in a recent interview that the number of UPI users was expected to grow to more than 100 million over the next two years.
Besides, ET had reported that NPCI was planning to open up UPI for international inward remittance soon.