With 9% growth, UPI transactions cross 500-million mark in November

Restrictions on transfers might have slowed growth

Transactions through the Unified Payments Interface (UPI), the flagship payments platform in the country, crossed 500 million in November, according to the data released by the National Payments Corporation of India (NPCI).

Growth in the number of transactions, however, was only 9 per cent over the previous month. In October, the volume of transactions through the UPI was 482.36 million. 

The value of the UPI transactions in November stood at Rs 822.32 billion, against Rs 749.78 billion in October, a rise of 10 per cent.

For other modes of transactions, both mobile wallets and cards fell slightly in volume and value in September