The number of UPI transactions continue to soar as internet penetration grows across the country. UPI transactions soared to 482.36 million during the month of October, growing at 19%, compared to 405.8 million transactions in September.
While the UPI numbers are reaching new heights every day, the growth in the month of October is slowest, over the last three months.
Compared to a growth of 19% in October, the number of transaction grew at over 30% in September to reach 405.8 million, from 312 million in August.
The data released by National Payments Corporation of India (NPCI) also show the overall value of transactions grew by 25% to touch ₹74,978.27 crore in October, from ₹59,835.36 crore in September.
The festive season sales by a number of e-commerce players like Amazon and Flipkart, offering heavy cashbacks and offers, could have also contributed to the rise in the overall value of UPI transactions in October.
Compared to a 25% growth in the value of transactions in October, the overall transaction value grew to ₹59,835.36 crore in September, from ₹54,212.26 crore in August.
UPI has emerged as a popular mode of transaction in the Indian digital ecosystem, as the customer adoption rate continues to rise, owing to the offers from digital payment platforms and a robust UPI ecosystem.
With the continued focus on UPI, NPCI, the umbrella organisation for retail payments in the country, continues to tighten the regulations and keep the ecosystem free from frauds and focuses on improvement.
Last month, NPCI limited UPI P2P transactions to 10, bringing down the number from 20. The move was aimed at curbing fraud and encouraging genuine UPI transactions.
In August 2018, NPCI launched the UPI 2.0, the latest version, including new features like overdraft facility, one-time mandate, invoice in the inbox, and signed intent and QR, to further strengthen the UPI ecosystem.