UPI's value grew 700% in 2018 while total digital payments fell 1%

UPI 2.0 to fast-track growth, as merchant transactions rise

While digital payments saw a spike post demonetisation, the pace of adoption has been much slower than anticipated. The digital transactions only inched forward in the past year but Unified Payments Interface (UPI), country’s flagship payments platform, is a shining exception.

UPI crossed the Rs one trillion milestone for monthly value in December, growing nearly eight times over the previous year. It also achieved a monthly volume of over 600 million, four times the volume of UPI transactions in December 2017, according to data released by National Payments Corporation of India (NPCI).

The total payments industry saw a rise of