Unified Payment Interface (UPI) transactions reached a new high in May, processing 14.04 billion transactions worth Rs 20.45 trillion. This marked a 6% increase in volume from April’s 13.30 billion and a 4% rise in value from Rs 19.64 trillion. Data from the National Payments Corporation of India (NPCI) on Saturday indicated that May’s figures were up 49% in volume and 39% in value compared to the same month in 2023. These numbers were the highest in both value and volume since UPI became operational in April 2016.
The Immediate Payment Service (IMPS) transaction volume rose by 1.45% to 558 million in May, up from 550 million in April. In value terms, it increased by 2.36% to Rs 6.06 trillion, compared to Rs 5.92 trillion in April. May’s figures showed a 12% rise in volume and a 15% rise in value compared to the same month last year. FASTag transactions in May grew by 6% to 347 million, up from 328 million in April. The value of FASTag transactions in May was Rs 5,908 crore, compared to Rs 5,592 crore in April. These figures were 4% higher in volume and 9% higher in value compared to May 2023.
In May, Aadhaar Enabled Payment System (AePS) transactions decreased by 4% to 90 million, down from 95 million in April. In value terms, it dropped by 7% to Rs 23,417 crore, compared to Rs 25,172 crore in April.