Sluggish growth in UPI, IMPS, Bharat Bill transactions in January, shows RBI data

Digital payment platforms' growth slowed in January 2023, according to the latest data from the Reserve Bank of India (RBI). The growth in transactions of UPI, IMPS, and BBPS was lower in both volume and value terms on a year-on-year basis with only NEFT doing better than its counterparts.

Despite the slowdown, the RBI has a positive outlook on the user penetration rate of digital payments in the country and expects India to exceed the average penetration rate of the world in 2023.

Here’s what RBI data tells about the growth of various digital platforms in India.