Private lender HDFC Bank has announced that starting from June 25, it will no longer send SMS alerts for UPI transactions below Rs 100 or for receiving money less than Rs 500. However, email alerts for all transactions will continue to be delivered. HDFC Bank emphasized the importance of customers updating their primary email address to ensure they receive all transaction notifications. This decision was made based on feedback regarding low-value transactions, as the apps used for UPI transactions already send alerts.
Decrease in Average Ticket Size for UPI Transactions
The average ticket size for UPI transactions has been gradually decreasing over the years. In the second half of 2022, it was Rs 1,648, but by the second half of 2023, it fell to Rs 1,515, representing an 8% decrease. This suggests that UPI is increasingly being used for smaller or micro transactions.
Dominant UPI Apps in India
According to the Worldline India report, the three most prominent UPI apps in India, in terms of both transaction volume and value, are PhonePe, Google Pay, and Paytm.
UPI Transactions Surpass 100 Billion Mark in 2023
Data from the National Payments Corporation of India (NPCI) reveals that transactions through the Unified Payments Interface (UPI) platform exceeded 100 billion in the calendar year 2023, reaching approximately 118 billion transactions. This demonstrates the growing popularity and widespread adoption of UPI in India.
