With 9% growth, UPI transactions cross 500-million mark in Nov

With 9% growth, UPI transactions cross 500-million mark in Nov
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Mumbai, Dec 2: Transactions through the Unified Payments Interface (UPI), the flagship payments platform in the country, crossed 500 million in November, according to the data released by the National Payments Corporation of India (NPCI).
Growth in the number of transactions, however, was only 9 per cent over the previous month. In October, the volume of transactions through the UPI was 482.36 million.
The value of the UPI transactions in November stood at Rs 822.32 billion, against Rs 749.78 billion in October, a rise of 10 per cent.
For other modes of transactions, both mobile wallets and cards fell slightly in volume and value in September over August, according to the latest set of data released by the Reserve Bank of India (RBI).
UPI volume had grown 32 per cent and value had grown 18 per cent in the same period. The data for the other modes of transaction is available only till September.
Since its inception on April 11, 2016, the UPI has had exponential growth. But, multiple factors could have contributed to its slowdown in recent months.
At the end of October, the NPCI reduced the number of peer-to-peer transfers allowed through the UPI network in a day to 10, from the earlier limit of 20. The NPCI said this would “encourage genuine transactions in the UPI ecosystem”. In August, the NPCI had blocked transactions where the payer and the payee accounts were the same.