The National Payments Corporation of India has said that around 2.29 billion transactions were registered in the Unified Payments Interface or UPI in February. The total worth of all these transaction is around 4 lakh 25 thousand crore rupees.
The transactions dipped 0.42 per cent by volume and 1.39 per cent by value over January because of the fewer number of days in February. In January the total transaction registered were 2.30 billion worth Rs. 4.31 trillion.
PhonePe had a lead over Google Pay in terms of UPI transactions volume and value in January. State Bank of India which processes the largest volume of transactions via UPI among all banks, had significantly improved its performance in terms of technical decline rate in the month of January.