Transactions on the unified payments interface (UPI) rose 61% year-on-year (y-o-y) to 12.1 billion in February, latest data from National Payments Corporation of India (NPCI) showed.
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In January, UPI transactions rose nearly 52% y-o-y to 12.2 billion. This can largely attributed to the fact that the number of days in January is higher than February.
With this, UPI transactions have surpassed the 12 billion mark for the three straight months.
In terms of value, the transactions rose nearly 48% y-o-y to `18.3 trillion in February. It had risen nearly 42% y-o-y to `18.4 trillion in January. UPI transactions value surpassed `18 trillion for the third straight month.
“UPI transactions in February 2024 have seen a slight dip in both value and volume when compared to January 2024.
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This is not a comparable metric since February has lesser days,” says Sunil Rongala, senior vice president, head – strategy, innovation and analytics, Worldline India.
The experts say that the number of transactions per day is a better metric to assess the growth of UPI. The month of February witnessed 417 million UPI transactions per day, much higher than the 393 million transactions a day in January.
The increase in adoption for products like RuPay credit card on UPI has also aided growth in overall transactions.
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“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,” Rongala said.
