674 crore UPI transactions in India in February 2019 Transaction value exceeded Rs 1 trillion (In February 2019, the Unified Payments Interface (UPI) transactions in India reached 67.4 crore and the transaction value exceeded Rs 1 trillion. This data reflects the rapid growth and popularity of the digital payments market in India and shows the remarkable success of the Indian government's efforts to promote digital payments and financial inclusion).

　　Based on the information you have provided, here is an analysis of the latest developments in Unified Payment Interface (UPI) in India:

　　1. **GROWTH IN TRANSACTION VOLUME** : The number of UPI transactions across India reached 674 million in February 2019, an increase of 0.31 TP3T from 672 million in January 2019.Though the increase is not significant, it is quite significant considering that there were only 28 days in the month of February. Compared to the same period last year, the number of transactions increased by nearly 3,001 TP3T, an average daily increase of more than 10.91 TP3T.

　　2. **GROWTH IN TRANSACTION VALUES**: In February 2019, UPI surpassed Rs. 10,000 crore (approximately Rs. 94.6 billion) in transaction value, exceeding this amount for the third consecutive month. This indicates that the popularity and acceptance of UPI in India is steadily increasing.

　　3. **IMPS Transaction Data** : In addition to UPI, NPCI has also released data on Instant Payment Services (IMPS).In February 2019, the number of IMPS transactions stood at 166 million transactions, with a value of nearly Rs. 15,000 crore.The value of a single transaction is usually higher in IMPS, while UPI is used mainly for small personal transfers and micro-merchant transactions.

　　4. **Major payment platforms**: Paytm, Google Pay and PhonePe are the largest mobile payment and commerce platforms in India. These platforms have played a significant role in driving the growth of the mobile payments market.

　　5. **Merchant transactions**: Although UPI is primarily used for inter-personal transactions, the number of merchant transactions has also remained at around 100 to 120 million per month. This indicates that UPI is gradually penetrating the retail payment space.

　　6. **NETC Payment System**: The National Electronic Toll Collection (NETC) payment system is trending favourably.In February 2019, NETC transactions involved 22 banks, more than 4.3 million vehicles, and 23.8 million transactions.

　　Overall, the Indian digital payments market is experiencing explosive growth, with two major payment systems, UPI and IMPS, dominating the market. With the popularity of mobile payments and digital payment services, the retail payment market in India is witnessing a new transformation.