Unified Payment Interface (UPI) transactions are likely to grow over 50 percent on-year going ahead, said Praveena Rai, Chief Operating Officer, National Payments Corporation Of India (NPCI).
“UPI is a retail payment system, but the same functionality is used by SMEs also. Last month it was 58 percent growth year-on-year, so we expect that this growth will continue,” Rai said on the sidelines of the Global SME Finance Forum 2023.
Last month, UPI crossed 10 billion transactions in a month for the first time. The volume stood at 10.58 billion by the end of the month, as per NPCI data.
The value of transactions for August stood at Rs 15.76 lakh crore surpassing the previous record set in July of Rs 15.34 lakh crore.
The transaction volume growth stood at 61 percent on a year-on-year basis in August, while the transaction value grew 47 percent during the month.
Further, Rai said that the limits for micro, small, and medium enterprises have also increased slowly.
“Earlier the limit was Rs 1 lakh per transaction, now it is Rs 2 lakh per transaction for specific kinds of merchants. The kind of merchants is called verified merchants,” Rai said.
In July, the UPI platform had seen 9.96 billion transactions and the August figure represents a month-on-month growth of 5 percent.
During August, UPI did an average of around 341 million transactions a day.
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