In October, UPI’s (Unified Payments Interface) growth has been the fastest among all modes of retail digital payments. A representative data released by the RBI (Reserve Bank of India) showed that in terms of the aggregate volume of transactions to 76.77 million, the month-on-month rise in UPI transactions has been of 149%. Also, in value terms to Rs 7,027.87 crore, the rise has been of 33%. Based on this, the average ticket size of a UPI transaction works out to Rs 915, which is lower in comparison to Rs 1,719 in September.
For the first time, the average value of a UPI transaction has dropped below Rs 1,000, which suggests that UPI is now being used to make payments with relatively smaller ticket sizes. In the last few months, as more e-commerce players joined the platform, the UPI volumes have noticeably risen.
In case of other channels of retail payments, wallets and other prepaid payment instruments (PPIs) given by eight non-banks registered Rs 3,269 crore, up of 18.5% from September, on 96.25 million transactions, up of 10% from the previous month. This has brought the average ticket size of a wallet transaction to Rs 340, which is more than the corresponding figure of Rs 315 as recorded in the month of September.
While the UPI channel has so far been limited to peer-to-peer (P2P) payments, the wallets have been more popular to make small-value payments to sellers. Therefore, the average value of a UPI transaction is usually higher than that of a wallet transaction.
In terms of the aggregate volume of transactions to 255.7 million, the month-on-month rise in transactions through debit and credit cards at point-of-sale (PoS) terminals has been of 6.4% m-o-m. The average value of card transactions rose close to 11% from the previous month to Rs 53,052 crore.
As reported by FE bureau, the value of transactions made via Immediate Payment System (IMPS) channel rose by 4.6% m-o-m to Rs 75,042 crore, while the number of transactions rose by 6.4% to 88.12 million. The only one channel to see a drop was USSD (Unstructured Supplementary Service Data). Its transaction volume dropped by 10% to 0.18 million and the value of transactions dropped by 7.5% from the month-ago period to Rs 29.93 crore.