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.
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