Daily UPI Transactions Hit 596 Million In April; NPCI Tightens Processing Timelines

The number of daily Unified Payments Interface (UPI) transactions in India rose to 596 million in April, up from 590 million in March, according to data released by the National Payments Corporation of India (NPCI) on Thursday.

The value of UPI transactions touched ₹24 lakh crore in April. This was slightly lower than ₹24.8 lakh crore recorded in March.

April marked the 12th straight month of transactions above ₹20 lakh crore.

The growth in UPI transactions remained strong at 34.5 per cent. Transaction volumes saw a year-on-year surge of 50.7 per cent, while the transaction value grew 21.9 per cent compared to April 2023.

FASTag payments also witnessed a rise. Daily volumes increased to 12.75 million from 12.2 million in March, reflecting rising economic activity.

FASTag transactions jumped by 17 per cent, higher than the 12 per cent growth seen in March. The total value rose to ₹227 crore, up from ₹219 crore in the previous month.

Immediate Payment Service (IMPS) daily volumes rose slightly to 14.98 million from 14.89 million in March. IMPS also functions under NPCI alongside UPI.

To improve user experience, NPCI has shortened response timelines for UPI services. In a circular dated 26 April, NPCI directed banks and payment apps to enforce faster processing from 16 June.

The move aims to reduce payment delays, verification time, and transaction reversals. NPCI urged banks to avoid increased technical failures while adopting quicker timelines.

For debit and credit (request pay and response pay), the new response time is 15 seconds, down from 30 seconds. For reversals, the time will reduce to 10 seconds from 30 seconds.

Address validation must also be completed in 10 seconds, down from 15 seconds.

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