UPI registers 2.29 billion transactions in February
2 min read . Updated: 01 Mar 2021, 01:50 PM IST- The total value of transactions on the UPI network stood at from Rs4.25 trillion in February compared with Rs4.31 trillion in January
Total Unified Payments Interface (UPI) transactions in the country stood at 2.29 billion in February compared with 2.30 billion in January, showed data from retail payments organisation National Payments Corporation of India (NPCI).
The total value of transactions on the UPI network stood at from Rs4.25 trillion in February compared with Rs4.31 trillion in January.
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Month-on-month growth of UPI transactions has been averaging 1%-3% since November 2020, which otherwise saw double digit monthly growth in 2020, due to the shift towards digital payments caused by the current pandemic.
The reason for the minor decline could be since February has fewer days as compared with January.
Between November and January, transaction failures on the UPI network climbed due to technical glitches faced by Indian banks, leading to once leader, Google Pay losing market share, Mint had earlier reported.
Google Pay’s loss in total transactions led to PhonePe and Paytm Payments Bank’s (PPB’s) gain, as they continued to increase their market share and transaction count between the same period.
In January, Google Pay registered close to 853.5 million transactions, while PhonePe and PPB registered close to 968.7 million and 332.7 million transactions respectively.
On the other hand, FASTag transactions in the country showed steady growth climbing to 159 million transactions in February, compared with 148.5 million transactions in January, NPCI data stated. Even the value of transactions for FASTag grew by 6%, month on month.
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In February, Union minister of road transport Nitin Gadkari, too, made it clear that there will be no more extension for FASTag implementation at tolls across the country, as the deadline ended on February 15.
With the deadline approaching, digital payment firms saw a rise in FASTag recharges and issuances. Bengaluru-based PhonePe said new-user recharges for FASTags rose 23% in February, compared with January. PPB claimed that it added close to 2 million new FASTag users since November.
Aadhaar Enabled Payment System (AePS) transactions in the country stood at 66.69 million transactions, processing close to Rs18,661 crore in transaction value in February.
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