UPI Transactions Hit A New High Of Rs 14.07 Trillion In April
Unified Payment Interface (UPI) transactions reached a new high in April, totalling Rs 14.07 trillion in value and 8.9 billion in volume. This is a 0.14 per cent and 2 per cent increase, respectively, above Rs 14.05 trillion and 8.7 billion in March.
According to the data from the National Payments Corporation of India (NPCI), about 1 billion transactions worth approximately Rs 1.37 trillion occurred during the last three days of April. Last month's transactions were 59 per cent higher in volume and 44 per cent higher in value when compared to April 2022. In April 2022, there were over 558 crore transactions worth Rs 9.8 trillion.
After a surge in March, which was ascribed to year-end activities such as investments, small ticket purchases and online payments, the momentum in UPI transactions continued in April. There were 7.5 billion transactions worth Rs 12.35 trillion in February.
According to NPCI, IMPS transactions decreased marginally in April to 496 million in volume and Rs 5.21 trillion in value. In March 2023, the figure was 497 million and Rs 5.46 trillion. This was an increase from 447.8 million transactions worth around Rs 4.68 trillion in February. Interestingly, the IMPS transaction count increased by 15 per cent in volume and 22 per cent in value compared to April 2023.
FASTag transactions in April decreased by 0.47 per cent to 305 million, up from 306.3 million in March 2023. However, in terms of value, it increased by 2 per cent to Rs 5,149 crore, up from Rs 5,067 crore last year. In comparison to April 2022, this segment had a 15 per cent increase in volume and a 22 per cent increase in value.
During the month under review, the number of Aadhaar Enabled Payment System (AePS) users fell by 7 per cent to 102 million, down from 109.7 million in March 2023. In terms of value, the drop was roughly 3 per cent to Rs 29,640 crore in April, compared to Rs 30,541 crore in March. Nonetheless, this represented a 2 per cent increase in volume and a 4 per cent increase in value over April of last year.
