UPI volume crosses 355 crore, growth slows – Times of India

CHENNAI: Unified Payments Interface (UPI) transaction volume has crossed 355 crore with a 9.6% surge in August, as compared to the previous month, indicating a steady e-payments adoption. However, the aggressive growth rate in value and number of UPI transactions, seen with the tapering of the second wave in June and July this year, has moderated in August .
The 9.6% volume growth rate had steadied in August from 15.7% seen in July and 10.7% in June, 2021. Similarly, the value of UPI transaction grew by only 5.4% in August to Rs 6,39,116 crore from Rs 6,06,281 crore in July, according to NPCI data.
The growth rate of transaction value too moderated in August, as compared to the 10.8% recorded in July and 11.6% in June.
A research report of brokerage firm Motilal Oswal said the continued opening of the economy and markets, coupled with the upcoming festive season, would enable spends to grow at a better pace over the medium term.
As of August 30, NPCI said transaction volume of BHIM UPI stood at 344 crore (month-to-date) and transaction value at Rs 6,12,992 crore. For IMPS, transaction volume stood at 3.6 crore and transaction value at Rs 3,04,144 crore.
Volume and value of transactions had dropped earlier in April 2020 after the Covid pandemic’s outbreak for the first time. It again declined in April and May 2021 due to the second Covid wave. However, it soon recovered.