UPI transactions touched Rs 17.4 trillion in value for November; shows a slight hike from October
UPI services now available in Sri Lanka and Mauritius
By: Pune Pulse
December 1, 2023
Pune: In November, the value of Unified Payment Interface (UPI) transactions reached a new high of Rs 17.4 trillion, marking a 1.4% increase from the previous month’s Rs 17.16 trillion. However, the number of transactions decreased by 1.5% to 11.24 billion, compared to the record high of 11.41 billion in October.
In September, there were a total of 10.56 billion transactions, amounting to Rs 15.8 trillion in value. The National Payments Corporation of India (NPCI) has shared data indicating a significant increase of 54 percent in terms of volume and 46 percent in terms of value compared to the corresponding month of the previous year.
The transaction volume of the Immediate Payment Service (IMPS) experienced a 4 percent decrease in November, reaching 472 million transactions. This is in comparison to the 493 million transactions in October and 473 million transactions in September. In terms of value, the figure for November slightly declined to Rs 5.35 trillion, as opposed to Rs 5.38 trillion in October. When comparing to November 2022, there was a 2 percent growth in volume and an 18 percent growth in value. In September 2023, the value of IMPS transactions was recorded at Rs 5.07 trillion.
In November, there was a slight increase in FASTag transactions, reaching 321 million compared to the 320 million recorded in October. The total value of these transactions in November amounted to Rs 5,303 crore, which is a 4 percent decrease from the Rs 5,539 crore recorded in October. Looking back to September 2023, the number of transactions was 299 million, with a value of Rs 5,089 crore. Comparing these figures to November 2022, there was a notable 12 percent increase in volume and a 14 percent increase in value.
Vivek Iyer, a partner at Grant Thornton Bharat, emphasized that digital toll payments exemplify the fundamental pillar of the Indian digitization journey, which is promoting digital payments. He further highlighted that after ensuring access to technology, the next crucial step is the adoption of technology, and the introduction of NETC FASTag has greatly facilitated this process.
In October, the Aadhaar Enabled Payment System (AePS) recorded a growth of 10 percent, reaching 110 million transactions compared to 100 million in November. The total value of these transactions also increased by 14 percent, amounting to Rs 29,640 crore in November, as opposed to Rs 25,973 crore in October. These figures indicate a 15 percent increase in volume and a 14 percent increase in value compared to the same month last year. In September 2023, the AePS recorded 101 million transactions and Rs 25,984 crore in value.
