Unified Payments Interface (UPI) transactions continued to develop in May with the platform processing transactions of Rs 10 trillion in the course of the month. In quantity phrases, transactions had been at 5.95 billion in the course of the month, based on information launched by the National Payments Corporation of India.
UPI transactions greater than doubled on a year-on-year foundation, by way of each quantity and worth. In May 2021, the worth of UPI transactions stood at Rs 4.91 trillion whereas the variety of transactions totalled to 2.54 billion.
On a month-on-month foundation, the variety of transactions grew by near 7% whereas the worth rose practically 6%. The worth of such transactions stood at Rs 9.83 trillion in April.
For the earlier monetary 12 months, the worth of UPI transactions was at Rs 83.45 trillion.
UPI continues to dominate every day debit transactions, Nomura Research mentioned in a report earlier this month. Similar spending per transaction in UPI and debit playing cards, on the again of a powerful development in volumes for UPI, implies that UPI could possibly be consuming into the debit card and small-ticket spending pie, the report mentioned.
The Reserve Bank of India’s give attention to digital funds and banking will additional support the expansion of the UPI platform. In its annual report for FY22, the central financial institution mentioned it’s planning to hyperlink UPI to its overseas counterparts. The RBI is already working with the financial authority of Singapore in the direction of linking UPI with PayNow. The linkage is predicted to be accomplished by the second half of 2022.
NPCI additionally launched information for different cost methods as effectively. The variety of Immediate Payments System (IMPS) transactions in May stood at 484.8 million, in contrast with 471.6 million a month in the past. The worth of IMPS transactions in May was at Rs 4.5 trillion, towards Rs 4.44 trillion within the earlier month.
In May, car homeowners paid toll of Rs 43.7 billion through Fastag, towards Rs 42.2 billion within the earlier month. Fastag transactions in May stood at 285 million, in contrast with 266 million a month in the past.
Source: www.financialexpress.com”