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Unified Payments Interface value, volume soar to highest ever level in May

 Unified Payments Interface value, volume soar to highest ever level in May

  • The volume and value of transactions made through the Unified Payments Interface (UPI) channel during May were the highest in any month since its launch in mid-2016. The aggregate value of UPI transactions during the month under review stood at Rs 2,770 crore, nearly 26% higher than that for April, according to representative data released by the Reserve Bank of India (RBI). While the value of UPI transactions came in higher than that of all wallet and other prepaid payment instrument (PPI) transactions, PPIs continued to clock exponentially higher volumes. PPIs issued by eight non-banks clocked Rs 2,530 crore, up 13.4% from April, on 91.3 million transactions, as against 9.2 million transactions recorded on the UPI channel.
 

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