UPI scales new high in December; 2023 value up 59% at Rs 183 trn

Monthly FASTag and IMPS transactions increase too, but those at Aadhaar Enabled Payment System fall

Unified Payment Interface (UPI) transactions scaled a fresh peak in December by clocking Rs 18.23 trillion in value and 12.02 billion in volume, rising 5 per cent and 7 per cent in those terms from November.

UPI numbers in 2023 touched a new high with cumulative volume at 117.6 billion and value at Rs 183 trillion, up 59 per cent and 45 per cent compared to 2022.

The previous monthly peak in value was in November 2023 when 11.24 billion transactions worth Rs 17.4 trillion were made. UPI transactions in December grew 54 per cent in volume and 42 per cent in value compared to the same month in 2022.

In October 2023, volume touched a peak of 11.41 billion, according to data shared by the National Payments Corporation of India (NPCI).

Half way through 2023, UPI transactions first clocked the 10-billion mark in volume (August) and Rs 15 trillion in value (July).

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Immediate Payment Service (IMPS) transactions grew 6 per cent in December to 499 million, compared to 472 million in November. In value terms, the December figure was up 7 per cent to Rs 5.7 trillion, compared to transactions worth Rs 5.35 trillion in November. IMPS grew 3 per cent in volume and 17 per cent in value compared to December 2022 when the numbers were Rs 4.87 trillion and 585 million.

There were 348 million FASTag transactions in December, up 8 per cent from 321 million in November. In October, the number was around 320 million. December transactions in value terms increased 11 per cent to Rs 5,861 crore compared to Rs 5,303 crore in November. The December numbers were higher by 13 per cent by volume and 19 per cent high in value compared to the same month in 2022.

In December, transactions at the Aadhaar Enabled Payment System (AePS) were down 14 per cent to 95 million from 110 million in November. Value dipped by 15 per cent to Rs 25,162 crore compared to Rs 29,640 crore in November. In October, AePS numbers were seen at 100 million in volume and Rs 25,973 crore in value.