UPI transaction value up 4% in July; inches closer to 10 billion in volume

After a marginal dip in last month, transactions under the Unified Payment Interface (UPI) touched a new high of Rs 15.34 trillion in the month of July, up 4 per cent from Rs 14.75 trillion in June 2023. In terms of volume too, transactions saw a 7 per cent increase from 9.34 billion in June to 9.96 billion in July.

According to a data shared by the National Payments Corporation of India (NPCI), transaction volume increased by 58 per cent and value increased by 44 per cent compared to the same month last year. In July 2022, NPCI processed 6.3 billion transactions in volume terms with a value of Rs 10.63 trillion. On the other hand, May 2023 saw transactions worth Rs 14.31 trillion with a volume of around 9.41 billion.  

In July 2023, the Immediate Payment Service (IMPS) transactions were seen at 490 million up 5 per cent from 468.1 million in volume. In value terms, this was up to Rs 5.12 trillion in July up from Rs 5 trillion in June, up 2.4 per cent. Compared to July 2022, this was up 7 per cent in volume and 15 per cent in value. In May, it was Rs 5.26 trillion in terms of value and 500 million in volume. In April 2023, it was Rs 5.21 trillion and 496 million respectively.

 In the case of Fasttag transactions, the month witnessed a 7 per cent decline in volume terms from 316 million in June to 295 million in July. This came down by 4 per cent in value from Rs 5,196 crore in June to Rs 4,981 crore in July. This segment saw an  11 per cent volume growth and a 20 per cent value growth compared to that in July 2022. Interestingly, when compared to May, the July figures came down by 12 per cent in volume and 8 per cent in value. In May, the number of transactions were to the tune of 335 million with a value of Rs 5,437 crore.

 During the month under review, Aadhaar Enabled Payment System (AePS) saw a 14 per cent rise from 96 million in June to 109 million. In value terms, this was seen up by 11 per cent from Rs 26,526 crore to Rs 29,471 crore. The June numbers were down 1 per cent and 2 per cent respectively, in volume and value. The month of May saw 99.6 million transactions worth Rs 28,037 crore.