UPI transactions decline in volume & value terms in April

Unified Payments Interface (UPI) transactions declined in volume as well as value terms in April 2023 after peaking in the previous month.

Transaction volume decreased by 7.96% month-on-month (MoM) in April 2023 to Rs.796.29 crore as against Rs.865.16 crore in March 2023, according to India’s National Payments monthly product statistics.

The transaction value decreased by 9.51 per cent mom in April 2023 to ₹12.71 lakh crores as against ₹14.04 lakh crores in March 2023.

UPI is a single mobile app for accessing different bank accounts. Its features include instant transfer of funds through the mobile device around the clock; Allows to “Pull & Push”/send/collect financial transactions using a virtual address; Allows payment of utility bills, on the corresponding payments, QR code based payments.

Retail Payment Transfer

Reserve Bank of India Governor Shaktikanta Das, in a statement last month, noted that UPI has changed 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 facilities for linking UPI to deposit accounts.

Das then announced that the scope of the UPI would be expanded by allowing previously sanctioned credit lines at banks to be run through the UPI.