UPI transactions mark new peak of Rs 17.4 trn in Nov, dip in volume

FASTag transactions increase to 321 mn in Nov, compared to 320 mn in Oct

Unified Payment Interface (UPI) transactions clocked a fresh peak in value in November by hitting Rs 17.4 trillion, up 1.4 per cent compared to Rs 17.16 trillion in October. Transactions reduced by 1.5 per cent to 11.24 billion, compared to a record high of 11.41 billion in October.

The number of transactions were 10.56 billion in September, with a value of Rs 15.8 trillion. According to data shared by the National Payments Corporation of India (NPCI), this was 54 per cent higher in volume terms and 46 per cent in value terms compared to the same month last year.

The Immediate Payment Service (IMPS) transaction volume was down by 4 per cent to 472 million in November, compared to 493 million in October and 473 million in September.  In value terms, the November figure was marginally down to Rs 5.35 trillion compared to Rs 5.38 trillion in October. It was a growth of 2 per cent in volume terms and 18 per cent in value terms compared to November 2022. In September 2023, IMPS was seen at Rs 5.07 trillion in value.

FASTag transactions in November increased marginally to 321 million in November compared to 320 million in October. The value of FASTag transactions in November was seen at Rs 5,303 crore, down 4 per cent from Rs 5,539 crore in October. In September 2023, this was 299 million and Rs 5,089 crore, respectively. This was a 12 per cent rise in volume and 14 per cent in value compared to November 2022.

“Promoting digital payments has been the key bedrock of the Indian story of digitisation and nothing epitomises this more than digital toll payments. Technology Adoption is the next key phase once technology access has been provided and NETC FASTag made the process seamless,” said Vivek Iyer, partner at Grant Thornton Bharat.

In November, Aadhaar Enabled Payment System (AePS) was up by 10 per cent at 110 million versus 100 million in October. In value terms too, this was up by 14 per cent to Rs 29,640 crore in November, compared to Rs 25,973 crore in October. This is 15 per cent up in volume and 14 per cent up in value terms compared to the same month last year. In September 2023, this was 101 million and Rs 25,984 crore respectively.