UPI numbers scale fresh peak in August; volume up, value dips marginally

Unified Payment Interface (UPI) transactions saw a 3 per cent rise in volume in August to 14.96 billion, compared to 14.44 billion in July, the highest ever since the digital payment platform turned operational in April 2016.

However, in value, the month saw a marginal dip to Rs 20.61 trillion in August, compared to Rs 20.64 trillion in the previous month.

According to the data shared by the National Payments Corporation of India (NPCI) on Sunday, in August, UPI volume posted a 41 per cent year-on-year (Y-o-Y) growth and 31 per cent Y-o-Y growth in value. In June, the numbers were at 13.89 billion in volume and Rs 20.07 trillion in value.

The Immediate Payment Service (IMPS) transaction volume was down by 8 per cent in August at 453 million, as compared to 490 million in July. In value terms, IMPS transactions were down 3 per cent to Rs 5.78 trillion in August, as against Rs 5.93 trillion in July. This was seen at 517 million in volume and Rs 5.78 trillion in value in June. The August numbers were 7 per cent down in volume and 12 per cent up in value compared to the same month last year.

FASTag transactions saw an increase of 2 per cent during the month to 329 million, compared to 323 million in July. In value terms, this was seen up marginally in August to Rs 5,611 crore versus Rs 5,578 crore in July. In June, FASTag was seen at 334 million in volume and Rs 5,780 crore in value, respectively. The month saw a 7 per cent rise in volume and 8 per cent in value compared to August 2023.

Aadhaar Enabled Payment System (AePS) was up by 3 per cent in volume to 100 million in August as against 97 million in July. It was the same as August in June. In value too, it was up by 2 per cent to Rs 24,676 crore, as against Rs 24,218 crore in July. This was Rs 25,122 crore in June. The segment saw a 7 per cent dip in volume and 10 per cent in value compared to August 2023.