Marking a record surge in the month of May, the Unified Payments Interface (UPI) network set a new record by processing 14.04 billion transactions, up from 13.3 billion in April.
The data released by NPCI said that in terms of value, the UPI transactions amounted to Rs 20.45 lakh crore in May, compared to Rs 19.64 lakh crore in April.
Notably in April, the network saw a 1% decline to 13.3 billion transactions from 13.44 billion in March.
As per the NPCI data, the May figures were 49% up in volume and 39% up in value compared to the same month in 2023.
May numbers were the highest in terms of value and volume since UPI turned operational in April 2016.
Average daily transaction:
The average daily transaction in May amounts to Rs 65,966 crore, with an average daily transaction count of 453 million, reflecting a 49% year-on-year growth.
IMPS transaction:
The Immediate Payment Service (IMPS) transaction amount was marginally up by 1.45% in volume to 558 million in May, as against 550 million in April.
In value terms it was up by 2.36% to Rs 6.06 trillion in May, up from Rs 5.92 trillion in April. The May numbers saw a 12% rise in volume and 15% rise in value versus the same month last year.
FASTag transactions:
The FASTag transactions increased by 6% to 347 million compared to 328 million in April. The value of FASTag transactions in May was seen at Rs 5,908 crore versus Rs 5,592 in April. The May numbers were 4% higher in volume and 9% in value compared to May 2023.
AePS:
NPCI data showed that the Aadhaar Enabled Payment System (AePS) was down 4% to 90 million compared to 95 million in April. In value terms too, it was down by 7% to Rs 23,417 crore, as against Rs 25,172 crore in April.
In FY24, UPI transactions crossed 100 billion and closed at 131 billion worth a whopping Rs 199.89 trillion. In FY23, the UPI platform processed a total of 83.76 billion transactions aggregating Rs 139 trillion, compared with 45.97 billion transactions worth Rs 84 trillion in FY22.
UPI transactions are expected to breach 100 crore transactions per day by FY27, UPI is set to dominate the retail digital payments landscape, accounting for 90 per cent of total transaction volumes over the next five years, a recent report by PWC India highlighted.
RBI report on UPI:
In its recent report, the Reserve Bank of India has said that nearly four out of five digital payments in the country were conducted on the UPI in the Financial Year 2024 (FY24).
UPI’s share, compared to the cumulative volume of digital payments in the country, has grown from 73.4% in FY23 to 79.7% in FY24.
The data further highlighted that in FY24, the number of PoS terminals increased by 14.3% on a Y-o-Y basis to 8.9 million, with the number of Bharat QR (BQR) codes increasing by 16.1% to 6.2 million.
The report also said that RBI along with NPCI International Payments Ltd. (NIPL), will work towards taking UPI to 20 countries with an initiation timeline of 2024-25 and a completion timeline of 2028-29.
