Unified Payments Interface (UPI) grew the fastest on a month-on-month basis in May among all the retail modes of payment. The value of transactions on the channel grew 25.8% over April to Rs 2,765.44 crore in May. It was followed by the Unstructured Supplementary Service Data (USSD) channel, which recorded positive growth for the first time in four months. Transactions values added up to Rs 31.67 crore, up 5% from the April figure of Rs 30.16 crore. The use of USSD had been on a decline since January, as cash came back into the system and the usage of the Bharat Interface for Money (BHIM) app took off.
According to data released by the RBI on Monday, the value of credit and debit card transactions at point-of-sale (PoS) machines in May stood at Rs 73,649 crore, 83% higher than in May 2016 and 4.3% higher than the corresponding figure for April.
The value of transactions made through the immediate payments system (IMPS) during May grew 171% over May 2016 to Rs 58,559 crore. This is 4.2% higher than the corresponding figure for April. PPIs rose 114% over May 2016 to Rs 10,669 crore in May 2017. This marks a growth of 2.9% over the transaction values recorded in April.
The value of remittances made through the NEFT channel grew 60.5% year-on-year to Rs 12.41 lakh crore in May, up 2% over the month-ago figure.
NPCI in advanced talks with Google for UPI: Hota
Google is in advanced talks with the NPCI to enable Unified Payments Interface (UPI)-enabled payment on its platform. This could give a big boost to digital payments.
“Google is testing UPI-enabled payments. The RBI has to look into it. Facebook and WhatsApp are in preliminary talks as well. Such an integration is technologically possible but we are waiting for the RBI’s nod,” said NPCI managing director and CEO AP Hota on Monday.