Unified Payment Interface (UPI) transactions clocked their highest-ever value in October by hitting Rs 17.16 trillion, up 9 per cent compared to Rs 15.8 trillion in September this year. In volume terms too, transactions saw a new high at 11.41 billion, up 8 per cent compared to 10.56 billion in September.
According to data shared by the National Payments Corporation of India (NPCI), this is 56 per cent higher in volume terms compared to 7.305 billion in October 2022 and 42 per cent in value terms compared to Rs 12.12 trillion last year. In August, UPI numbers were 10.58 billion and Rs 15.76 trillion, respectively.
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The Immediate Payment Service (IMPS) transaction volume was seen at 493 million in October, up 4 per cent compared to 473 million in September. In value terms, this was up by 6 per cent during the month to Rs 5.38 trillion versus Rs 5.07 trillion in September 2023. This was a 2 per cent growth in volume terms and 15 per cent in value terms compared to the same period last year. In August, IMPS numbers were seen at 489 million in volume and Rs 5.14 trillion in value.
In the case of Fasttag transactions, the month saw a 7 per cent increase in volume to 320 million, as against 299 million in September. On the other hand, the value of such transactions in October was seen at Rs 5,539 crore, up 9 per cent compared to Rs 5,089 crore in September. The October numbers were 13 per cent higher in volume and 24 per cent higher in value compared to the same month last year.
During the month under review, Aadhaar Enabled Payment System (AePS) were marginally down in volume by 1 per cent at 100 million versus 101 million in September. In value terms too, this was marginally down at Rs 25,973 crore versus Rs 25,984 crore in September 2023. It was 107 million and Rs 27,500 crore respectively, in August – a 15 per cent decline in volume and 17 per cent decline in value compared to the same period in 2022.