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UPI Growing Fastest in Retail Electronic Payments
September 07, 2017
At the end of August, most of the retail electronic payment channels observed a growth on a month-over-month basis save for Unstructured Supplementary Service Data (USSD) mode which remained at the same pace. According to the RBI data, the no. of USSD transactions remained unchanged at 0.19 million although their total value reduced by 2.6% to Rs. 29.42 crores.
The Unified Payments Interface (UPI) observed the fastest growth among all at 45% on a month-over-month basis. Its total number of transactions increased to 16.6 million while the net value increased by 22% at Rs. 4,127 crores.
