Transaction in UPI, IMPS, Bharat Bill sees slowdown in growth rate. Here's what RBI's data shows
The latest bulletin of RBI showed that the growth rate in transactions in UPI, IMPS and Bharat Bill Payment System slowed down in January 2023 compared to the growth rate of the same month last year.
The growth rate in major digital payment platforms slowed in January 2023, as per the latest data from RBI. Growth in transactions of UPI, IMPS, and BBPS came in at a slower pace in both volume and value terms on year-on-year basis. However, NEFT outperformed its counterparts. Despite the decline, RBI believes the user penetration rate of digital payments in India is likely to exceed that of the world.