Interface Transaction Volume (UPI) Chennai: Crore has crossed 355 crores with a surge of 9.6% in August, compared to the previous month, indicating stable electronic payment adoption.
However, the aggressive growth rate in the value and number of upi transactions, seen in the second wave tapered in June and July this year, has been moderated in August.
The 9.6% volume growth rate was steady in August from 15.7% seen in July and 10.7% in June 2021.
Likewise, the value of UPI transaction grew only 5.4% in August to RS 6.39.116 Crore From Rs 6.06.281 Crore in July, according to NPCI data.
The growth rate of the transaction value was too moderated in August, compared with 10.8% recorded in July and 11.6% in June.
Oswal Motilal Broker Company Research Report said the opening of the economy and market, coupled with the upcoming celebration season, would allow spending to grow at the intermediate speed.
On August 30, NPCI said the volume of Transaction Bhim Upi stood at 344 Crore (month and above) and transaction value at Rs 6,12,992 Crore.
For Imp, transaction volume reaches 3.6 crores and transaction value at RS 3.04.144 Crore.
The volume and value of the transaction had decreased earlier in April 2020 after the Covid pandemic outbreak for the first time.
It again declined in April and 2021 May due to second covid waves.
However, recover soon.