Cashless transactions: Payments via United Payments Interface jump 25.7% in March to Rs 2,390 cr

The value of transactions made through the Unified Payments Interface (UPI) channel in March rose 25.7% over the previous month to `2,390 crore.


The value of transactions made through the Unified Payments Interface (UPI) channel in March rose 25.7% over the previous month to `2,390 crore.

According to representative data released by the Reserve Bank of India (RBI), the volume of such transactions jumped 47.6% to 6.2 million. This puts the average value of UPI transactions at around `3,855.

The UPI channel, operated by National Payments Corporation of India (NPCI),

sees around 2.2 lakh transactions a day, of which between 80,000 and 90,000 are made through the Bharat Interface for Money (BHIM) app, NPCI managing director and chief executive AP Hota had said in the previous week.

However, the Unstructured Supplementary Service Data (USSD) channel, meant for users of feature phones, saw a month-on-month drop in value terms.

The aggregate value of such transactions fell 5.3% from February to `33.8 crore. This marks the second straight month of decline in the value of USSD transactions after it had peaked at `38.18 crore in January. The volume of such transactions also fell a little over 6% to 211.2 million, suggesting that users of low-end phones may have begun to move back to cash.

March saw mobile wallets and other prepaid instruments (PPIs) rebounding after two months of decline. At `2,150 crore, PPI transactions came in higher than their January peak of `2,099.21 crore.

With volume of 90 million, the average value of a PPI transaction stood at around `239. Data for PPI transactions is sourced from eight non-bank issuers for goods and services transactions only.

All other modes of retail digital payments grew on a month-on-month basis, with mobile banking leading the pack with a growth of 38.8% to `1,49,920 crore. Data for mobile banking transactions is sourced from five banks.

The value of transactions at point-of-sale (PoS) machines rose nearly 5% to `41,060 crore. The value of card transactions had peaked in December at `52,223.84 crore before slipping to `48,124.11 crore in January and `39,147.02 crore in February. Data for such transactions are sourced from four banks.

The value of transactions made through Immediate Payment System (IMPS) rose over 17% to `56,470 crore.