Unified Payments Interface (UPI) transactions hit a record high in April, worth Rs 14.07 trillion, with a transaction volume of Rs 8.9 billion. Compared with March’s Rs 14.05 trillion and Rs 8.7 billion, they rose slightly by 0.14% and 2%, respectively.
According to the National Payments Corporation of India (NPCI), nearly a billion transactions worth Rs 1.37 trillion occurred in the last three days of April. Last month saw a 59% increase in volume and 44% in value compared to April 2022. In April 2022, over 5.58 billion transactions worth Rs 9.8 trillion took place.
Momentum in UPI transactions continued in April, following an increase in March, attributed to year-end transactions, especially investments, small ticket purchases and online payments. In February, there were 7.5 billion transactions worth Rs 12.35 trillion.
According to NPCI, Instant Payment Services (IMPS) transactions declined slightly in April, with 496 million transactions valued at Rs 5.21 trillion. This compares to Rs 497 million and Rs 5.46 trillion in March 2023. This increased to about Rs 4.68 trillion from 447.8 million transactions in February. Interestingly, compared to April 2023, IMPS transactions increased by 15% in number and 22% in value.
FASTag transactions in April fell slightly by 0.47% to 305 million from 306.3 million in March 2023. However, in terms of value, it rose 2% to Rs 5,149 crore, up from Rs 5,067 crore last year. The segment grew 15% in volume and 22% in value compared to April 2022.
Aadhaar Enabled Payment Systems (AePS) fell 7% to 102 million during the month under review, compared to 109.7 million in March 2023. In value terms, it fell about 3% to Rs 29,640 crore in April from Rs 30,541 crore in March. Still, volumes were up 2%, and values were up 4% compared to April last year.