NPCI’s RuPay, UPI, AePS gain momentum in Q1FY18

BENGALURU: National Payments Corporation of India’s (NPCI) has announced that RuPay card’s monthly transaction volume on Point of Sale (POS) and e-commerce stands at 4 crore valuing about Rs. 5,000 crore during Q1FY 18.

The transaction volume and value during pre-demonetisation period were about 1 crore and Rs. 1,500 crore respectively. Recent use cases on RuPay contactless like Kochi, Ahmedabad and Bangalore Metropolitan Transport Corporation (BMTC) are poised to significantly contribute towards digital transactions through RuPay cards.

Commenting on this, A P Hota, MD & CEO, NPCI said, “The nation has taken a target of achieving 25 billion digital payments transactions mark in FY18. Last year, the volume of digital payments was 9.2 billion of which 3.5 billion had been contributed by NPCI. This year, we are aiming to contribute about 11 billion digital transactions.”

It is believed that the recently introduced BHIM and BHIM Aadhaar are also showing positive trends. BHIM Aadhaar is based on NPCI’s Aadhaar Enabled Payment System (AePS).

AePS volume was 5 crore, 6 crore and 7 crore for April, May and June 2017 respectively. It has to be recalled that BHIM Aadhar was launched by Hon’ble Prime Minister Shri Narendra Modi on April 14, 2017 and it is currently being offered by over 1.34 lakh merchants.

UPI has crossed 1 crore transactions valuing Rs 3,000 crore. UPI volume was 0.72 crore, 0.93 crore and 1.03 crore in April, May and June 2017 respectively.