Unified Payments Interface (UPI) transactions in the country saw a 22% year-on-year increase in volume, hitting ₹26.32 lakh crore in November. In terms of numbers, UPI transactions touched 20.47 billion, a 32% year-on-year increase.
On a daily basis, there were 682 million transactions, with an average daily transaction amount of ₹87,721 crore, according to National Payments Corporation of India (NPCI) data for November.
In terms of transaction amount and number of transactions, UPI saw an increase of 16% and 25%, respectively, in November. These numbers stood at ₹27.28 lakh crore (amount) and 20.70 billion (count) in October.
Aadhaar-enabled payments
Apart from this, NPCI also facilitates Aadhaar-enabled payment system (AePS) under which rural citizens are allowed to withdraw cash from their bank accounts using just their Aadhaar number and biometric authentication at local Aadhaar-operated touchpoints.
The data for November shows that a total of ₹28,428 crore worth of transactions were carried out, indicating an increase of 19% year-on-year. In terms of the number of transactions, there were 108 million transactions, reflecting a 17% increase in November.
UPI goes to Europe
Amid the popularity of UPI, steps are being taken to join hands with NPCI’s counterpart in Europe, TIPS instant payment system, to enable cross-border payments to the eurozone.
After discussions with the European Central Bank on linking UPI with Europe’s TIPS instant payment system, the Reserve Bank of India (RBI) has started the implementation phase of the UPI–TIPS integration in partnership with NPCI International Payments Limited.
“Reserve Bank of India and NIPL will continue to collaborate closely with European Central Bank to operationalize the UPI–TIPS link, including technical integration, risk management and settlement arrangements,” the RBI said in a statement.
TARGET Instant Payment Settlement, or TIPS, is an instant payment system operated by the Eurosystem, which consists of the European Central Bank and the central banks of eurozone countries. NIPL is the international subsidiary of National Payments Corporation of India.
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