India UPI transaction volume recovers 24% in May

India UPI transaction volume recovers 24% in May
2 Jun, 2020

UPI or unified payments interface transactions volume rose to 1.23 billion -- an increase of 24% in May compared to the previous month, according to data released by the National Payments Council of India (NPCI).  

The digital payments volume was less than a billion transactions in April likely due to the overall sparse business activity. The transaction volumes have rebounded close to the levels in March, which saw 1.25 billion transactions -- first dip in the past six months.  

In value terms too, the UPI transactions have increased by 44.5% in May to Rs 218,392 crore higher than Rs 151,141 crore in the previous month, the data showed. The average transaction amount also rose to Rs 1,776 in May from Rs 1,527 in the previous month.

Separately, NPCI’s Bharat Bill Payment System (BBPS) also recorded a jump of 29% to 16.54 million in May from 12.77 million transactions due to the lack of physical payment options because of social distancing norms.

In currency terms, online bill payments rose 58% to Rs 2,871 crore in May from Rs 1,371 crore in the previous month. The number of billers also increased to 216 entities as against 190 in April and 182 in March.

BBPS is a unified online bill payment system developed by the NPCI that brings banks, non-banks and online payment platforms under one platform as its official authorised units for bill collections.

Founded in 2008, the NPCI is an umbrella organisation to operate retail payments and settlement systems. Its other offerings include RuPay Card, Immediate Payment Service (IMPS), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC) and Bharat BillPay.