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UPI’s Transactions’ Value Increasing Faster Than Mobile Wallets
June 14, 2017
The United Payments Interface channel surpassed other prepaid payment instruments (PPIs), especially mobile wallets this May in terms of the value of transactions made. As per RBI data, while the PPI transactions amounted to Rs. 2,280 crore in the first 28 days of May, those from the UPI channel amounted to Rs. 2,450 crore. Moreover, while PPI observed a growth of 2.1% from the previous month UPI grew at 11.42 on the same metric.
Most UPI transactions are high-value transactions as the channel is used by peers who transfer money to each other. However, PPIs are generally used by merchants and customers for small payments.
