In November, Unified Payment Interface (UPI) transactions reached a new peak with a total value of Rs 17.4 trillion, marking a 1.4% increase from October’s Rs 17.16 trillion. Despite this growth, the number of transactions decreased by 1.5% to 11.24 billion, compared to the record high of 11.41 billion in October.
In September, the transaction volume was 10.56 billion with a value of Rs 15.8 trillion. Data from the National Payments Corporation of India (NPCI) reveals a significant 54% increase in volume and a 46% increase in value compared to the same month last year.
The Immediate Payment Service (IMPS) transaction volume decreased by 4% to 472 million in November, down from 493 million in October and 473 million in September. In terms of value, November recorded a marginal decline to Rs 5.35 trillion compared to Rs 5.38 trillion in October, representing a 2% increase in volume and an 18% increase in value compared to November 2022. September 2023 witnessed IMPS at Rs 5.07 trillion in value.
FASTag transactions in November saw a slight increase to 321 million, up from 320 million in October. However, the value of FASTag transactions in November decreased by 4% to Rs 5,303 crore compared to Rs 5,539 crore in October. In September 2023, the figures were 299 million transactions and Rs 5,089 crore in value, indicating a 12% rise in volume and a 14% increase in value compared to November 2022.
Vivek Iyer, a partner at Grant Thornton Bharat, emphasized the significance of promoting digital payments in India’s digitization journey. He highlighted NETC FASTag’s role in making digital toll payments seamless, noting that technology adoption is the next crucial phase following the provision of technology access.
Aadhaar Enabled Payment System (AePS) experienced a 10% increase in November, reaching 110 million transactions compared to 100 million in October. In terms of value, AePS recorded a 14% growth to Rs 29,640 crore in November, up from Rs 25,973 crore in October. This represents a 15% increase in volume and a 14% increase in value compared to the same month last year. In September 2023, AePS transactions were 101 million with a value of Rs 25,984 crore.
