According to a survey by Motilal Oswal Financial Services, UPI’s market share has been steadily expanding, reaching 80 percent in the first four months of FY22, up from 73 percent in FY21. Digital payments increased in June and subsequent months when lockdowns and other movement limitations were lifted.
In August, 3.55 billion transactions were processed through the Unified Payments Interface (UPI) channel, up from 3.24 billion the previous month. The National Payments Corporation of India (NPCI) reported on Wednesday that transaction value increased to Rs 6.39 lakh crore from Rs 6.06 lakh crore in July.
When the second Covid wave hit in April and May, transactions using UPI and other payment channels took a slight hit. Digital payments increased in June and subsequent months when lockdowns and other movement limitations were lifted.
According to a survey by Motilal Oswal Financial Services, UPI’s market share has been steadily expanding, reaching 80 percent in the first four months of FY22, up from 73 percent in FY21.
During August, the NPCI’s other payment channels showed an increase in utilization. Financial transactions using the Aadhaar enabled Payments System (AePS) increased to 108.48 million in August, up from 88.84 million in July. These trades increased in value from Rs 23,447 crore to Rs 27,354 crore.
In August, 378 million transactions totaling Rs 3.18 lakh crore were processed, up from 350 million transactions totaling Rs 3.09 lakh crore in July. The number of transactions through the Bharat Bill Payments System (BBPS) grew to 59 million from 51 million the previous month, with a value of Rs 10,307 crore up from Rs 9,613 crore.
Toll payments made by FASTag grew from 192 million to 201 million in July, with a total value of Rs 3,077 crore, up from Rs 2,976 crore in July.
Immediate Payments Service (IMPS), another payment network run by the National Payments Corporation of India (NPCI), registered 377.94 million transactions in August, an increase of 8.05 percent over July. In terms of dollar value, IMPS transactions totaled Rs 3.18 trillion, up 3.03 percent from July.
FASTag, which is part of NPCI’s National Electronic Toll Collection initiative, saw a record number of transactions in August, with 201.2 million transactions worth Rs 3,076.56 crore, up 3.36 percent
Similarly, the Bharat Bill Payment System, which serves as a one-stop shop for all recurring bill payments, saw 58.88 million transactions totaling Rs 10,307.4 crore. The volume of transactions increased by 15% and the value of transactions increased by 7.22% on a month-over-month basis.