Most modes of retail digital payments grew in volumes between July and August, with prepaid payment instruments (PPIs), or wallets, being the only laggards, according to data released by the Reserve Bank of India (RBI).
Unified Payments Interface (UPI) grew the fastest on a month-on-month basis in August in terms of volume of transactions. While the volume rose 45.2% over July to 16.61 million, the value of transactions on the channel grew 22% to Rs 4,127.2 crore in August.
It was followed by Immediate Payment Service (IMPS) transactions, which rose 9.5% m-o-m to 75.66 million and the aggregate transaction value rose 7.7% to Rs 65,149 crore.
The volume of credit and debit card transactions at point-of-sale (PoS) machines grew 4.3% over the July level in volume terms to 380.78 million, while the value of transactions rose 4.7% to Rs 71,712 crore.
The volume of National Electronic Fund Transfer (NEFT) transactions rose 2.3% m-o-m to 151.61 million in August, while the value of transactions increased 4% to Rs 12.5 lakh crore between July and August.
PPIs, comprised mainly of mobile wallets and prepaid cards, saw a transaction volume of 261.14 million, down 3.4% from the July figure of 270.24 million. The value of transactions, however, rose 4.4% m-o-m to Rs 10,288 crore. This puts the average ticket size of a wallet transaction at about Rs 394, higher than Rs 365 in July. The volume of transactions made over the Unstructured Supllementary Service Data (USSD) channel remained unchanged at 0.19 million and the total value of transactions fell 2.6% to `29.42 crore.