UPI transactions dip marginally in April to Rs 19.64 trn; grow Y-o-Y
Fasting, IMPS and Apes transactions decline too in the month
 "UPI transactions dip marginally in April to Rs 19.64 trn; grow Y-o-Y")
Unified Payment Interface (UPI) transactions declined in volume and value in April by 1 per cent and 0.7 per cent, compared to March 2024.
Transactions stood at Rs 19.64 trillion in value terms, down from Rs 19.78 trillion in March. There were 13.3 billion transactions in April, compared to 13.44 billion in March.
"UPI volumes and values continue to grow year-on-year (Y-o-Y), reflecting the ongoing focus on digital adoption across the country and the convenience that UPI offers. The month-on-month reduction is not a comparable factor, given that March typically sees higher volumes during the year, hence April 2024 figures are lower than those of March 2024," said Vivek Iyer, partner at Grant Thornton Bharat.
Y-o-Y, UPI transactions increased by 50 per cent in terms of volume and 40 per cent in value. In February 2024, transactions stood at 12.10 billion and Rs 18.28 trillion, respectively.
Immediate Payment Service (IMPS) transactions declined by 7 per cent in value and 5 per cent in volume in April compared to March. In value terms, transactions totaled Rs 5.92 trillion, down from Rs 6.35 trillion in March and Rs 5.68 trillion in February. Transactions decreased from 581 million in March to 550 million in April, against 535 million in February. Year-on-year, IMPS transactions increased by 11 per cent in volume and 14 per cent in value.
In April, FASTag transactions decreased 3 per cent in volume and 6 per cent in value. FASTag transactions declined to Rs 5,592 crore in April from Rs 5,939 crore in March. Transaction value stood at Rs 5,582 crore in February and Rs 5,560 crore in January. FASTag volume in April decreased to 328 million compared to 339 million in March. There were 323 million transactions in February and 331 million in January. FASTag grew 8 per cent in volume and 9 per cent in value compared to April 2023.
In April, the Aadhaar Enabled Payment System (AePS) experienced a decline of 13 per cent in volume and 10 per cent in value, compared to March. AePS transactions amounted to Rs 25,172 crore in April, down from Rs 27,996 crore in March. There were 94 million transactions in April, down from 108 million in March. In February, the figures for value and volume were Rs 22,007 crore and 83 million. AePS saw a decrease of 7 per cent in volume and 15 per cent in value compared to April 2023.