UPI transaction volume declined to ₹19.64 lakh crore in April. Check Details

Volume of Unified Payments Interface (UPI) transactions fell to ₹19.64 lakh crore in the month of April against ₹19.78 lakh crore in the preceding month.

In terms of transaction count, the number fell to 13.30 billion from 13.44 billion in March.

When compared with April last year, the number of transactions saw a growth of 50 percent, while the total amount of transactions saw 40 percent growth.

Meanwhile, transaction value had seen an increase of 8 percent in the month of March to ₹19.78 lakh crore over preceding month i.e., February.

(Source: NPCI)

UPI outside India

Besides India, there are a number of countries where UPI can be used which include Sri Lanka, Mauritius, France, UAE, Singapore, Bhutan and Nepal.

NPCI recently announced its partnership with Bank of Namibia to help them develop a UPI-like real time payment system in Namibia. This is the first-ever collaboration with a central bank to deploy UPI Stack in an international market.

NPCI’s market share to be capped?

Meanwhile, NPCI is expected to review its decision to implement a 30 per cent cap on the market share of payment players offering.

In March, the NPCI met with new UPI players and discussed how UPI could grow.

In November 2022, National Payments Corporation of India had proposed a 30 per cent volume cap on third party application providers. It asked UPI players to limit their market share to 30 per cent in two years.

Last year, NPCI rolled out an interchange fee on prepaid payment instrument (PPI)-based merchant transactions through UPI.

Fiscal 2024 was the first time when UPI transactions touched 100 billion to close at 131 billion in one fiscal year.

There were 84 billion transactions in FY23. In Mar 2024, volume of transactions grew 55 per cent to 13.44 billion.