Indian Economy News

UPI transactions clock new record in May at Rs. 20.45 trillion (US$ 246.15 billion), shows data

Unified Payment Interface (UPI) transactions reached a new high in May, processing 14.04 billion transactions worth US$ 246.15 billion (Rs. 20.45 trillion). This represents a 6% increase in volume compared to April's 13.30 billion transactions and a 4% rise in value from US$ 236.40 billion (Rs. 19.64 trillion) in April. Data from the National Payments Corporation of India (NPCI) indicated that May's figures were 49% higher in volume and 39% higher in value than the same month in 2023, marking the highest transaction volume and value since UPI became operational in April 2016. The Immediate Payment Service (IMPS) saw a marginal increase of 1.45% in transaction volume, rising to 558 million in May from 550 million in April. In value terms, IMPS transactions grew by 2.36% to US$ 72.94 billion (Rs. 6.06 trillion), up from US$ 71.26 billion (Rs. 5.92 trillion) in April. Compared to May 2023, this represents a 12% increase in volume and a 15% rise in value.

FASTag transactions in May increased by 6% to 347 million, up from 328 million in April. The transaction value in May was US$ 0.71 billion (Rs. 5,908 crore), compared to US$ 0.67 billion (Rs. 5,592 crore) in April, showing a 4% rise in volume and a 9% increase in value from May 2023. Conversely, the Aadhaar Enabled Payment System (AePS) experienced a decline in May, with transaction volume decreasing by 4% to 90 million from 95 million in April, while the transaction value dropped by 7% to US$ 2.82 billion (Rs. 23,417 crore) from US$ 3.03 billion (Rs. 25,172 crore) in April. Overall, may saw significant growth in UPI, IMPS, and FASTag transactions, both in volume and value, while AePS transactions declined, reflecting the ongoing expansion and adoption of digital payment systems in India.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.