After touching record highs in January, both the transaction value and volume made through the Unified Payments Interface (UPI) fell in February, according to data from the National Payments Corporation of India (NPCI).
The payments made through UPI dipped 4.8% month-on-month (MoM) to Rs 12.36 lakh crore in value in February from Rs 12.98 lakh crore in January. The total volume of UPI transactions dropped 6.2% MoM to 753.47 crore in February from 803.68 crore last month.
A total of 390 banks were live on UPI in February, up from 385 in the previous month.
The number of UPI transactions grew 66.4% from 452.74 crore in February 2022, while transaction value rose 49.5% from Rs 8.26 lakh crore in February last year.
Prior to February the volume of UPI transactions rose for seven straight months.
The Economic Survey 2022-23 showed that of the total 8,840 crore digital financial transactions in India—with a total value of Rs 126 lakh crore—around 52% were made via UPI in FY22.
Recently, India and Singapore integrated their digital payment systems. The linkage of the two digital payment systems—UPI and PayNow—will allow instant and low-cost transfer of money and cross-border payments from Singapore to India and vice versa.
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