Business

UPI Sets Record Highs In Volume and Value Of Transactions In April

With a value of Rs. 14.07 trillion and a volume of 8.9 billion, Unified Payment Interface (UPI) transactions reached a record high in April. Comparing these figures to Rs. 14.05 trillion and Rs. 8.7 billion in March, there has been a slight increase of 0.14 per cent and 2 per cent, respectively.

According to data from the National Payments Corporation of India (NPCI), there were about 1 billion transactions totalling approximately Rs 1.37 trillion during the final three days of April. The volume and value of transactions increased by 59% and 44%, respectively, from April 2022 to last month. There were approximately 558 crore transactions with a total of Rs 9.8 trillion in April 2022.

Following a spike in March that was attributed to year-end transactions, particularly investments, low-ticket purchases, and online payments, the momentum for UPI transactions persisted in April. There were 7.5 billion transactions totalling Rs. 12.35 trillion in February.

According to NPCI, Immediate Payment Service (IMPS) transactions experienced a little dip in number and value in April, falling to 496 million and Rs 5.21 trillion, respectively. In March 2023, their numbers were 497 million and Rs 5.46 trillion. This was an increase from February’s 447.8 million transactions, which had a value of almost Rs 4.68 trillion. It’s interesting to note that the volume and value of IMPS transactions were both up 15% and 22% from April 2023.

The volume of FASTag transactions decreased slightly in April by 0.47 per cent to 305 million, down from 306.3 million in March 2023. However, the value increased by 2% to Rs 5,149 crore from Rs 5,067 crore the previous year. This segment also saw 15 per cent volume growth and 22 per cent value growth compared to April 2022.

Aadhaar Enabled Payment System (AePS) users decreased by 7% to 102 million during the reviewed month from 109.7 million users in March 2023. Value-wise, the decrease from Rs 30,541 crore in March to Rs 29,640 crore in April was about 3%. However, compared to April of last year, this represented an increase of 2% in volume and 4% in value.

Also Read: Meta Platforms Makes Record-Breaking Bond Sale, Raises $8.5 Billion 

Malika Sahni

Recent Posts

JP Nadda Slams Rahul Gandhi’s ‘Match-Fixing’ Claims As ‘Desperation Of Losing’ Polls

Rahul Gandhi's opinion piece appeared in a national daily and sparked political uproar. Opposition parties…

8 hours ago

Poverty In India Reduced Via Tangible Boost In Household Living Standards, Incomes

In 2022–23, poverty under the revised $3.00 line stood at just 5.25 per cent in…

8 hours ago

Chhattisgarh: Seven Maoists Killed In Indravati National Park Operation

Five Maoists were killed in two separate encounters with security forces in Chhattisgarh’s Bijapur district,…

9 hours ago

Carney Invites Modi To G7 Summit, Highlights India’s Global Supply Chain Role

Canadian Prime Minister Mark Carney said the most populous country, with the fifth-largest economy, must…

9 hours ago

RBI Frontloads Rate Cuts To Boost Growth Amid Low Inflation: Crisil

The Reserve Bank of India (RBI) has frontloaded its rate cuts to support economic growth,…

10 hours ago

PM Modi Urges Global Action On Coastal Resilience At Nice Summit

PM Narendra Modi on Saturday called for urgent global action to build infrastructure that can…

10 hours ago