While the number of UPI transactions during November rose to 1.22 billion from 1 billion in October, the combined value of these declined marginally to Rs 1.89 trillion from Rs 1.91 trillion.
The
number of Unified
Payments Interface (UPI) transactions via real time has reached
1.22 billion in November, compared to 1 billion in September.
However, the value of UPI transactions for November was Rs 1.89
trillion — this is lower than the Rs 1.91-trillion announced last
month.
These
transactions were 6.1 per cent higher than in October, and 132 per
cent higher on a year-on-year basis, the National Payments
Corporation of India (NPCI) data showed. Currently, 143 banks are
live on UPI.
However,
market players believe that the decline in value of transactions is
not a cause for worry because October was a festive month. Mandar
Agashe, founder and vice-chairman, Sarvatra Technologies, said,
“Although the number of transactions has increased, value-wise the
numbers are flat since it is being contrasted with the festive
spending in October.
However, a rise is expected once again with the
New Year and Christmas celebrations around the corner. The recent
news about UPI being adopted in Singapore is building its
international presence, and will strengthen India’s position as a
significant payments hub.”
October
was a very good month for UPI because of the festive season, with
transactions touching 1.15 billion for the month.
Anand
Kumar Bajaj, managing director and chief executive officer,
PayNearby, believes that the future of UPI is very bright. “There
has been a steady rise in the volume of transactions, which clearly
demonstrates the adoption of UPI services. A drastic growth will be
seen once a large set of the population residing in rural areas
starts using it more frequently. Enhancing awareness among retailers
and end-consumers will go a long way in bringing in an exponential
rise in UPI,” said Bajaj.
To
push the reach of UPI further, the NPCI
has collaborated with CIIE.CO and Bill and Melinda Gates Foundation
to expand UPI to feature phones. Right now the UPI service is limited
to smartphones. Interested start-ups and innovators can apply for the
programme through NPCI’s website. CIIE.CO and NPCI will shortlist
the most promising solution for further support.
The
winner will win a cash prize of $50,000 and run a pilot of the
solution with NPCI. The second and third runner-up will win a cash
prize of $30,000 and $20,000,
respectively.
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