The UPI network, managed by the National Payments Corporation of India (NPCI), processed an unprecedented 14.04 billion transactions. This marks an increase from 13.3 billion transactions in April, according to NPCI data released on June 1.
Significant Growth in Transaction Value
The total value of Unified Payments Interface transactions in May reached Rs 20.45 lakh crore, up from Rs 19.64 lakh crore in April. Despite a 1 percent dip in transaction volumes in April (13.3 billion) from March (13.44 billion), May saw a robust recovery.
Daily Transaction Metrics
The average daily transaction amount in May was Rs 65,966 crore, with a daily transaction count averaging 453 million. This represents a remarkable 49 percent growth compared to the same period last year.
Expanding UPI’s Reach
Both NPCI and the Reserve Bank of India (RBI) are actively exploring new applications for UPI and seeking to extend its reach into rural areas. On May 8, RBI Governor Shaktikanta Das convened a meeting with key UPI stakeholders, including representatives from banks, NPCI, third-party app providers, and tech service providers. The meeting focused on strategies for scaling UPI infrastructure, diversifying its product offerings, addressing ecosystem challenges, and integrating more users into the digital payments system.
Strategic Meeting with Stakeholders
The meeting included representatives from banks, NPCI, third-party application providers, and technology service providers. According to an RBI press release, stakeholders discussed strategies to scale up UPI infrastructure, expand the product portfolio, address ecosystem challenges, and integrate potential users into the digital payments system.
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