Mobile payments platform Unified Payments Interface (UPI) transactions reported a marginal dip in both volume and value on a month on month basis in February 2024. (Image:DC)
Mumbai: Mobile payments platform Unified Payments Interface (UPI) transactions reported a marginal dip in both volume and value on a month on month basis in February 2024. However, experts feel that January and February cannot be compared as February has fewer days.
According to data released by the National Payments Corporation of India (NPCI), the number of UPI transactions for the month stood at 1210 crore as compared to 1220 crore transactions in January. On the same lines, the value of transactions fell to Rs 18.28 lakh crore as compared to Rs 18.41 lakh crore.
However, the payments made through UPI saw 61 per cent year-on-year growth in volume and 48 per cent year-on-year growth in transaction value.
Sunil Rongala, senior vice-president, head strategy, Innovation and Analytics, Worldline India said, “This is not a comparable metric since February has lesser days. A better metric is transactions per day and February is higher with 417 million transactions a day compared to 393 million transactions a day in January 2024. Given the trajectory of growth, we stand by our previous estimate that UPI monthly transactions, in all likelihood, will touch 20 billion by the
end of FY2025”.
UPI recorded 1,202 crore transactions in December last year, crossing the 12 billion mark for the first time.
( Source : Deccan Chronicle )
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