UPI transactions dip marginally to Rs 19.64 lakh cr in April from Rs 19.78 lakh cr in March

In April 2024, the Unified Payments Interface (UPI) transactions dipped marginally, 1% month-on-month (MoM) to 13.30 billion in April from 13.44 billion in the previous month. In terms of value, transactions stood at Rs 19.64 lakh crore in value terms, down from Rs 19.78 lakh crore in March.

In the fiscal year 2023-24, UPI transactions in India recorded an impressive 57% increase in volume and a 44% increase in value compared to the previous fiscal year 2022-23. Specifically, in March 2024, the volume of transactions surged by 55% to 13.44 billion, while the value increased by 40% to Rs 19.78 lakh crore compared to March 2023. Notably, this marked the first time that UPI transactions surpassed 100 billion, reaching 131 billion in a single financial year, compared to 84 billion in 2022-23.

In February 2024, transactions were seen at 12.10 billion and Rs 18.28 lakh crore, respectively. In January 2024, it was 12.20 billion and Rs 18.41 trillion, in terms of volume and value.

IMPS transactions witnessed a decline in both value and volume in April compared to March. The value of transactions decreased by 7% to Rs 5.92 trillion from Rs 6.35 lakh crore in March, and Rs 5.68 lakh crore in February. In terms of volume, transactions decreased by 5% from 581 million in March to 550 million in April, compared to 535 million in February. However, the year-on-year comparison showed a positive trend with an increase of 11% in volume and 14% in value.

In April, FASTag transactions decreased 3 per cent in volume and 6 per cent in value. FASTag transactions declined to Rs 5,592 crore in April from Rs 5,939 crore in March. Transaction value stood at Rs 5,582 crore in February and Rs 5,560 crore in January.

FASTag volume in April decreased to 328 million compared to 339 million in March. There were 323 million transactions in February and 331 million in January. FASTag grew 8 per cent in volume and 9 per cent in value compared to April 2023.

Both the National Payments Corporation of India (NPCI) and governmental entities have implemented strategies to increase the utilisation of UPI. Specifically, the NPCI has actively introduced a variety of new features and services aimed at enhancing UPI adoption. Initiatives such as UPI Lite, credit lines on UPI, UPI LITE X, Tap & Pay, Hello! UPI, and BillPay Connect have played pivotal roles in these efforts.

NPCI was established in 2008 as an organisation to operate retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country. It has revolutionised the way payments are made in India by offering a range of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), Aadhaar Enabled Payment System (AePS), National Electronic Toll Collection (NETC), and Bharat BillPay.