April sees a decline in UPI transactions: Details here
UPI has emerged as the preferred digital payment method in India. The technology is garnering increasing attention from foreign experts and its user base is expanding daily. However, according to a recent report by the National Payments Corporation of India (NPCI), the volume of Unified Payments Interface (UPI) transactions decreased by 1% month-over-month in April, from 1,344 crore in March to 1,330 crore.
Conversely, the volume of transactions increased by 50 percent annually. The National Payments Corporation of India (NPCI) reports that the volume of transactions decreased from Rs 19.78 lakh crore in March to Rs 19.64 lakh crore in April. Nevertheless, it increased by 40 percent annually.
Compared to January’s figures of 1,220 crore and Rs 18.41 lakh crore, the transaction volume and tally in February were recorded at 1,210 crore and Rs 18.28 lakh crore, respectively.
The value of UPI transactions increased by more than 40 percent year-over-year to Rs 182.84 lakh crore in 2023, while the number of UPI transactions reached a record 11,768 crore. This represents an almost 60 percent year-over-year increase in UPI transactions.
In the interim, the Reserve Bank of India (RBI) has granted sanction for the establishment of NPCI International Payments Limited (NIPL), a subsidiary of the National Payments Corporation of India (NPCI). This action is intended to facilitate the implementation of UPI (mobile payment solution) and RuPay (domestic card scheme) beyond the borders of India. By utilizing the NIPL acceptance network for RuPay and UPI, Indian travelers will have the capability to employ these payment channels while in their host country. At the moment, UPI is accessible in the following six nations: Bhutan, Mauritius, Singapore, Sri Lanka, the United Arab Emirates, and France.
You can enable UPI International on your UPI app if you are traveling to or intend to make payments to a merchant located in one of the aforementioned countries. A comprehensive instructional manual is at your disposal for activating UPI international on PhonePe, Google Pay, and BHIM.
