In a development substantiating its position as India’s flag bearer of FinTech innovation, Unified Payment Interface (UPI) crossed 600 million in monthly transactions for the first time in December. UPI’s growth by volume (number of transactions) was remarkable – it grew by more than 769% in 2018 compared to 2017. Ever since its launch, UPI has been leading the waves of disruption in the Indian payment landscape and looks to be doing really well in the most crucial and difficult phase for any new solution/business – initial consumer adoption – as suggested by its transaction statistics.
The transaction values, as well as the number of transactions per month, have been growing with a steady compounded quarter-on-quarter (QoQ) growth rate of 71.5% and 96.09% respectively. In terms of MoM growth, the transaction value has been growing at a CMGR of 32.48% since November 2016, whereas the CMGR for the number of transactions in the same period is at 35.71%.
To put the growth numbers into perspective, the total UPI transaction value in Q4 2018 was almost 8.1 times the value in Q4 2017.