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As far as volume and value, UPI exchanges in August have been the most noteworthy ever on the stage since its start in 2016
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India's Unified Payments Interface (UPI) kept 6.57 billion transactions in August, esteeming Rs 10.72 lakh crore, as per information delivered by the National Payments Corporation of India (NPCI).
As far as volume and value, UPI exchanges in August have been the most noteworthy ever on the stage since its start in 2016.
The long stretch of July saw 6.28 billion exchanges with an all out worth of Rs 10.62 lakh crore.
While UPI has turned into the go-to mode for continuous payments, a circular drifted by the Reserve bank of India last month proposed a layered charge system for UPI payments. The paper likewise proposed swapping the zero-charge structure for UPI exchanges with an endowment.
The government, nonetheless, explained that it won't impose any charges on UPI transactions as concerns of service providers for cost recuperation must be met through different means.
Here is how industry experts reacted:
Rajesh Mirjankar, MD & CEO, Kiya.ai
UPI transactions reaching 657 crore transactions in August 2022 is evidence of the popularity of UPI and being a preferred mode of payments by increasing number of consumers. The growth in UPI volumes by almost 100 per cent YoY and amounts transacted growing by 75 per cent YoY is just the tip of the iceberg. With the acceptance of card payments via UPI the transaction volumes are bound to grow strongly and the average value per transaction too will increase. Through this growth the NPCI systems have been robust and have rendered uptime that stands along the best in the payments industry. NPCI is on track to achieve their vision of 1billion transactions per day.
Swapnil Bhaskar, Head of Strategy, Niyo
In our opinion, UPI continues to penetrate further in the payment ecosystem as reflected by an increase in the number of UPI transactions by approx. 5 per cent MoM and value of such transactions increasing by approx. 1 per cent MoM. In other words, the mass adoption of UPI is driving financial inclusion with respect to payments in India.
Dr Jasmin B Gupta, Co-founder and CEO, LXME
UPI is one of the most successful digital payment product as can be seen through its wide acceptability and reach, as it clocks 10.73 lakh crores digital payment transactions value and 657 crores transactions in August. With NPCI planning to take UPI to overseas market, this number is only expected to grow exponentially, as UPI will then become a home-grown alternative to SWIFT. Also with credit card on UPI going live within next few months, the convenience and scope of digital payments will increase manifold. The linking of credit cards with UPI will enable consumers to make small ticket sized payments on credit which will fuel further economic growth. Also UPI123Pay will enable feature phone users to use UPI payment service through IVR, app functionality, missed call based and also proximity sound based payments, thus ensuring that Bharat is not left behind in the overall UPI growth and success story.