Post-festive slump: UPI volume down 7%, value drops 8% in November

In October, UPI recorded 16.58 billion transactions worth Rs 23.5 trillion-the highest since the digital payment system became operational in April 2016

Unified Payments Interface (UPI) transactions saw a 7 per cent drop in volume to 15.48 billion and an 8 per cent fall in value to Rs 21.55 trillion in November compared with the previous month, according to data from the National Payments Corporation of India (NPCI). In October, they touched an all-time high, driven by festive sales.

 

In October, UPI recorded 16.58 billion transactions worth Rs 23.5 trillion, the highest since the digital system became operational in April 2016. In September, volume was seen at 15.04 billion, and value at Rs 20.64 trillion. The October transactions were up due to a rise in person-to-merchant transactions (for buying goods or services) during the festive season, which came down in November.

 

In comparison with November 2023, this was a 38 per cent rise in volume and a 24 per cent increase in value. The number of daily transactions too declined from 535 million in October to 516 million in November this year, leading to a dip in value from Rs 75,801 crore in October to Rs 71,840 crore in November.  

 

Immediate Payment Service (IMPS) transactions were down 13 per cent in November to 408 million against 467 million in October. They declined by 11 per cent in value terms to Rs 5.58 trillion in November from Rs 6.29 trillion in October.

 

Compared to November 2023, last month’s IMPS transactions fell by 14 per cent in volume but increased by 4 per cent in value. Daily transactions also dropped from 15 million to 14 million, and the daily transaction value decreased from Rs 20,303 crore to Rs 18,611 crore compared with last month.

 

FASTag transactions grew by 4 per cent in volume to 359 million, up from 345 million transactions in October. The value was down marginally by nearly 1 per cent to Rs 6,070 crore compared to Rs 6,115 crore in October. In September, this was seen at 318 million, and Rs 5,620 million, respectively. The November FASTag numbers were 12 per cent up in volume and 14 per cent in value versus the same month in 2023. The number of daily transactions increased from 11.13 million to 12 million.

 

Aadhaar Enabled Payment System (AePS) transactions plunged 27 per cent to 92 million versus 126 million recorded in October. The value of transactions fell 27 per cent to Rs 23,844 crore during the period under review from Rs 32,493 crore in October. The number of transactions was 100 million in September and the value stood at Rs 24,143 crore. AePS transactions saw a 16 per cent fall in volume and 20 per cent in value compared with the year-ago period.