UPI Crosses 200 Crore Monthly Transactions In October
The unified payments interface recorded 207.16 crore transactions worth Rs 3.86 lakh crore in the month of October, according to information released by National Payments Corporation of India.
A year ago, in October 2019, the payments platform had crossed 100 crore monthly transactions for the first time. The value of monthly transactions at the time stood at Rs 1.91 lakh crore, half of the most recent number.
According to NPCI data, there are 189 banks and 20 third party applications live with UPI. The list of banks includes universal banks, cooperative banks, small finance banks and payments banks. Among remitter banks, State Bank of India reported the largest transaction volumes in September at 51 crore, according to available data.
The rapid rise in transactions had also resulted in a rise in failed transactions. In September, SBI recorded 7.1% failed transactions owing to customer side issues such as entering the wrong pin and 5.31% failed transactions owing to technical problems on the UPI platform or bank network. Lenders like Canara Bank saw a much larger, 16.54% failure rate owing to customer side issues and 5.94% failed transactions owing to UPI related issues. The data on transaction failures is released by NPCI with a one month lag.
NPCI had launched the UPI in 2016, months before the government announced its decision to demonetise Rs 500 and Rs 1,000 currency notes. The platform has led to a rapid rise in adoption of digital payments across India.