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UPI Transactions Data May 2024


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In May, Unified Payment Interface (UPI) transactions reached a new milestone in terms of both value and volume. According to data shared by the National Payments Corporation of India (NPCI), UPI processed a staggering 14.04 billion transactions worth Rs 20.45 trillion. This represents a 6% increase in volume compared to April’s transactions, which stood at 13.30 billion, and a 4% increase in value compared to April’s Rs 19.64 trillion.

Strong Year-on-Year Growth

The figures for May demonstrate significant year-on-year growth for UPI transactions. Compared to the same month in 2023, May’s transactions saw a remarkable 49% increase in volume and a notable 39% increase in value. These numbers reflect the highest volume and value recorded since UPI became operational in April 2016.

IMPS Transactions Show Moderate Growth

In May, the Immediate Payment Service (IMPS) transactions experienced moderate growth. The volume of IMPS transactions increased marginally by 1.45% to 558 million compared to April’s 550 million. In terms of value, IMPS transactions grew by 2.36% to Rs 6.06 trillion in May, up from Rs 5.92 trillion in April. These figures represent a 12% rise in volume and a 15% rise in value compared to the same month last year.

FASTag Transactions See Steady Increase

FASTag transactions, used for electronic toll collection, also witnessed a steady increase in May. The volume of FASTag transactions rose by 6% to 347 million compared to April’s 328 million. The value of FASTag transactions in May amounted to Rs 5,908 crore, an increase from April’s Rs 5,592 crore. These figures indicate a 4% rise in volume and a 9% rise in value compared to May 2023.

AePS Transactions Experience Decline

On the other hand, Aadhaar Enabled Payment System (AePS) transactions experienced a decline in May. The volume of AePS transactions fell by 4% to 90 million compared to April’s 95 million. In terms of value, AePS transactions decreased by 7% to Rs 23,417 crore, down from April’s Rs 25,172 crore.

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