Unified Payments Interface (UPI) transactions declined in volume as well as value terms in April 2023 after peaking in the previous month.
Transaction volumes declined 7.96 per cent month-on-month (m-o-m) in April 2023 to 796.29 crore against 865.16 crore in March 2023, per the National Payments Corporation of India’s “UPI Monthly Product Statistics”.
Transaction value declined 9.51 per cent m-o-m in April 2023 to ₹12.71 lakh crore against ₹14.04 lakh crore in March 2023.
UPI is a single mobile application for accessing different bank accounts. Its features include immediate money transfer through mobile device round the clock ; allows “Pull & Push”/ send/collect money transactions with virtual address; allows utility bill payments, over the counter payments, QR code -based payments.
Transformation of retail payments
RBI Governor Shaktikanta Das, in a statement, last month observed that UPI has transformed retail payments in India. UPI’s robustness has been leveraged to develop new products and features from time to time.
He noted that RuPay credit cards have been linked to UPI. This is in addition to the existing facility of linkage of UPI with deposit accounts.
Das then announced that the scope of UPI will be expanded by permitting operation of pre-sanctioned credit lines at banks through the UPI.