UPI (Unified Payment Interface) transactions in the country declined by one per cent in April compared to March 2024 and by 0.7 per cent in value terms.
UPI
(Unified Payment Interface) transactions in the country declined by one per cent in April compared to March 2024 and by 0.7 per cent in value terms. A total of Rs 19.64 lakh crore was transacted in April and Rs 19.78 lakh crore was transacted in March. There were 13.44 billion transactions in March, compared to 13.3 billion transactions in April.
UPI transactions declined in volume and value in April by 1% and 0.7%, compared to March 2024.@shinejac #UPI #Digitalpayments https://t.co/NVBlyhf314
— Business Standard (@bsindia) May 1, 2024
UPI transactions grew by 50 percent in terms of volume and 40 percent in terms of value year-on-year. In February 2024, the volume of transactions was Rs.12.10 billion and the value was Rs.18.28 lakh crore respectively. “The volume and value of UPI transactions are increasing year-on-year. It is clear from this that the use of digital facilities is increasing across the country. Generally the year sees more volumes, so April 2024 figures are lower than March 2024,” said Vivek Iyer, Partner, Grant Thornton India.
Instant Payment Services (IMPS) transactions declined by seven per cent in volume and five per cent in value in April compared to March. In terms of value, a total of Rs 5.92 lakh crore was transacted. It was Rs 6.35 lakh crore in March and Rs 5.68 lakh crore in February. The total volume of transactions decreased from 58.1 crore in March to 55 crore in April. 53.5 crore transactions were done in February. Transaction volume has increased by 11 percent and value by 14 percent year-on-year.
In April, FASTag transactions fell three percent in volume and six percent in value. Transactions of Rs 5939 crore in March fell to Rs 5592 crore in April. The transaction value was Rs 5582 crore in February and Rs 5560 crore in January. Compared to 33.9 crore transactions in March, FASTag volume came to 32.8 crore in April, 32.3 crore in February and 33.1 crore in January. Compared to April 2023, FASTag transactions have increased by eight percent in volume and nine percent in value.
In April, Aadhaar Enabled Payment System (AEPS) declined by 13 percent and value by 10 percent compared to March. These transactions amounted to Rs 25,172 crore in April, which was Rs 27,996 crore in March. There were 9.4 crore transactions in April, compared to 10.8 crore in March. In February, the value and volume figures were Rs 22,007 crore and Rs 8.3 crore respectively. Compared to April 2023, April 24 has decreased by seven percent in volume and 15 percent in value.
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