Unified Payment Interface (UPI) transactions reached a record high with a total value of Rs 14.3 lakh crore and a volume of 9.41 lakh crore in May, Data released by the National Payments Corporation of India (NPCI) showed on Wednesday. This marks a 2 per cent increase in value compared to Rs 14.07 lakh crore in April and a 6 per cent increase in volume compared to 8.89 lakh crore in April. When compared to May of the previous financial year (2022-23), transaction volume has surged by 58 per cent and value by 37 per cent, according to NPCI.
This surge in UPI transactions aligns with the government's initiatives to promote digital payments and facilitate the digitization of tax collection across different sectors. In March 2023, UPI transactions amounted to a volume of 868 crore and a value of Rs 14.1 lakh crore.
Data released by the National Payments Corporation of India (NPCI) showed that approximately Rs 3.96 lakh crore worth of transactions took place in the final ten days of May.
For Immediate Payment Service (IMPS) transactions, there was a slight increase of around 1 per cent to Rs 5.26 lakh crore in May compared to Rs 5.21 lakh crore in April. The volume of IMPS transactions also marginally increased to 500 million in May from 496 million in April. In March 2023, the volume was 497 million, with a value of Rs 5.46 lakh crore. May's figures showed a 3 per cent growth in volume and 16 per cent growth in value compared to May 2022.
FASTag transactions in May witnessed a 10 per cent increase in volume, rising from 305 million in April to 335 million. In terms of value, there was a 6 per cent increase to Rs 5,437 crore in May, compared to Rs 5,149 crore in April. This segment also experienced a 17 per cent volume growth and 24 per cent value growth compared to April 2022. In March 2023, the numbers stood at 306.3 million transactions with a value of Rs 5,067 crore.
However, Aadhaar Enabled Payment System (AePS) saw a decline of 2.35 per cent to 99.6 million transactions in May, compared to 102 million in April. The value of AePS transactions in May 2023 was Rs 28,037 crore, a 5.4 per cent decrease from Rs 29,649 crore in April. These figures are considerably lower than the March 2023 numbers of 109.7 million transactions with a value of Rs 30,541 crore. On a year-on-year basis, AePS transactions were down by 9 per cent in volume and 8 per cent in value.