The most current Reserve Bank of India (RBI) information revealed a recognizable decrease in the share of pre paid settlement tools (PPIs), while there was a large rise in the share of Unified Payments Interface (UPI) deals in the whole electronic settlement ecological community.
In worth terms, the share of PPIs decreased from 1.43 lakh crore in H2 2019 to 1.08 lakh crore in H2 2024, a large loss of 24 percent in a period of simply 2 years, exposes the current RBI information.
In the previous one year alone, the share of pre paid settlement tools decreased from 1.46 lakh crore (in H2 2023) to 1.08 lakh crore, reporting an autumn of 26 percent.
Volume terms
When the exact same information is assessed in quantity terms, the share of PPIs has actually dropped from 39,336 lakh to 34,503 lakh, reporting a decrease of 12.28 percent in the previous one year.
In the previous 2 years, nevertheless, the PPI share has actually decreased from 37,018 lakh to 34,503 lakh, mirroring an autumn of 6.7 percent.
Surge in UPI
As the stating goes, somebody’s loss is another person’s gain. While the share of PPI has actually decreased, the proportion of deals accomplished using UPI has actually seen a surge. As the table listed below programs, the worth of UPI deals leapt from 21 trillion in H2 2021 to 130 trillion in H2 2024, mirroring a spike of 519 percent.
In the previous 2 years (H2 to H2), UPI deals (in worth terms) revealed a surge of 88 percent whereas it enhanced from 69 trillion to 130 trillion. In the previous one year, the surge brought about a 31 percent walk.
Notably, the RBI lately enabled the customers of PPIs to accessibility UPI solutions using 3rd party applications. This was viewed as a transfer to supercharge the electronic settlement ecological community inIndia
