 "UPI, digital payments")
Unified Payment Interface (UPI) transactions in India posted a record 57 per cent rise in volume and 44 per cent rise in value in Financial Year 2023-24, compared to the previous financial year.
In March 2024 too, the transactions saw 55 per cent rise in volume to 13.44 billion and 40 per cent in value to Rs 19.78 trillion compared to March 2023.
This was for the first time that UPI transactions crossed 100 billion and closed at 131 billion in a financial year, compared to 84 billion in 2022-23.
The year also saw record value touching Rs 199.89 trillion, compared to Rs 139.1 trillion.
In February 2024, transactions were seen at 12.10 billion and Rs 18.28 trillion respectively. In January 2024, it was 12.20 billion and Rs 18.41 trillion, in terms of volume and value.
“UPI has grown at a very healthy clip in FY 24, the growth in transactions is 56 per cent year on year in terms of volume and 43 per cent YoY in terms of value. There has been a deeper entrenchment of UPI with Average Ticket Size (ATS) reducing steadily, meaning increased use of UPI for small ticket items.
“The ATS numbers were seen at Rs 1,471 in March 2024 compared to Rs 1,623 in March 2023,” said Sunil Rongala, senior vice president, head of strategy, Innovation & Analytics, Worldline India on UPI transactions.
On the other hand, Immediate Payment Service (IMPS) transactions posted a 17 per cent growth in volume to 581 million transactions and 16 per cent growth in value to Rs 6.35 trillion in volume in March 2024.
During the entire financial year, it moved up by 9 per cent to 5,999 million as against 5,510 million transactions in 2022-23.
During the financial year 2023-24, value of IMPS transactions stood at Rs 64.93 trillion, up 17 per cent from Rs 55.42 trillion a year ago. In February 2024, volume was seen at 535 million and valued at Rs 5.68 trillion, up from 509 million and Rs 5.66 trillion in January 2024.
Meanwhile, FASTag transactions posted an 11 per cent increase in volume to 339 million and 17 per cent rise in value to Rs 5,939 crore. This was compared to 323 million in volume and Rs 5,582 crore in value in February 2024, and 331 million and Rs 5560 crore respectively in January 2024.
In March, the Aadhaar Enabled Payment System (AePS) was marginally down by 1 per cent to 108 million transactions. In value terms too, this dipped by 8 per cent to Rs 27,996 crore. In volume terms, this was down from 86 million in January and 83 million in February. In value terms this was Rs 25,057 crore in January and Rs 22,007 crore in February.
