MUMBAI: The
volume
and value of UPI
transactions
slightly decreased in
April
from their all-time high level in March. However, the average daily transactions reached a new high, indicating that the switchover of UPI services from
Paytm Payments Bank
to its parent did not cause any significant disruption.
According to data from the National Payments Corporation of India (
NPCI
), the number of UPI transactions in April equaled 1,330 crore — a 50% increase from the previous year.
The value of transactions stood at Rs 19.6 lakh crore, a 40% increase year-on-year.
Compared to March, however, transactions dipped marginally from 1,344 crore (Rs 19.8 lakh crore). However, average daily transactions were marginally higher, reaching a new record of 44.3 crore transactions a day, and averaging a value of Rs 65,933 crore.
NPCI has said that its systems can support 100 crore daily transactions, and that the number is expected to be reached by 2026 due to increased awareness, deeper penetration, and the over one crore Indians reaching adulthood every year.
In contrast,
FASTag
transactions — seen as a reflection of activity in the real economy — grew at a much slower pace. For the month of April, FASTag transactions stood at 32.8 crore (Rs 5,592 crore), an increase of 8% in volume and 9% in value over the year-ago period.
Meanwhile, IMPS (Immediate Payment System) transactions have also grown. In April, there were 55 crore transactions totalling a value of Rs 5.9 lakh crore — a year-on-year increase of 14% in volume and 11% in value.
