UPI records 14.04 billion transactions in May, sets new milestone
The Unified Payments Interface (UPI) processed a record 14.04 billion transactions in May. This is up from 13.3 billion in April, according to data released by the National Payments Corporation of India (NPCI). The total value of these transactions reached ₹20.45 lakh crore in May, a rise from ₹19.64 lakh crore in the previous month. This increase follows a slight dip in transaction volumes experienced by the network in April.
Daily transaction average indicates robust growth
In May, the average daily transaction sum on the UPI network was ₹65,966 crore, with an average daily transaction count of 453 million. This indicates a strong year-on-year (YoY) growth of 49%. Both NPCI and the Reserve Bank of India (RBI) are exploring further use cases for UPI and considering its potential expansion into the rural economy.
RBI Governor convenes meeting to expand UPI's reach
On May 8, RBI Governor Shaktikanta Das held a meeting with key stakeholders in the UPI ecosystem, to strategize on expanding UPI's reach further. The meeting included representatives from banks, NPCI, third-party application providers, and technology service providers. As per an RBI press release, the participants discussed strategies for enhancing UPI infrastructure, broadening the product portfolio, as well as integrating potential users into the digital payments system.
