UPI transactions at record high of Rs 14.3 trn in May, spike in 10 days

Rise at a time when the government is pushing to bring various tax collections under digital payment

digital economy, UPI

Shine Jacob Chennai

Listen to This Article

Unified Payment Interface (UPI) transactions in May scaled a new high of Rs 14.3 trillion in terms of value and 9.41 billion in volume. It is a 2 per cent rise in value (Rs 14.07 trillion) and 6 per cent in volume (8.89 billion) compared to April.

Transactions worth around Rs 3.96 trillion happened in the last ten days of May, according to data from the National Payments Corporation of India (NPCI). Compared to May in Financial Year 2022-23, transaction volume increased by 58 per cent and value by 37 per cent. The rise comes at a time when the government is pushing to bring tax collection across various segments under digital payment. In March 2023, the numbers stood at 8.68 billion with a value of Rs 14.1 trillion.

Immediate Payment Service (IMPS) transactions saw a marginal rise of around 1 per cent to Rs 5.26 trillion, compared to Rs 5.21 trillion in April. During the same period, IMPS volume too increased marginally to 500 million in May as against 496 million in April. In March 2023, it was 497 million and Rs 5.46 trillion. The May figures saw a 3 per cent growth in volume terms and 16 per cent in value terms on IMPS, compared to May 2022.

FASTag transactions in May saw a 10 per cent rise in volume terms from 305 million in April to 335 million in May. In value terms, this increased by 6 per cent to Rs 5,437 crore in May compared to Rs 5,149 in April. This segment also saw 17 per cent volume growth and 24 per cent value growth compared to April 2022. In March 2023, these numbers were 306.3 million transactions with a value of Rs 5,067 crore.

Also Read

UPI continues to dominate digital payments thanks to wide use of QR codes

ICICI Bank to offer EMI facility for UPI transactions above Rs 10,000

ICICI Bank to offer EMI facility for UPI transactions above Rs 10,000

Is it the end of WhatsApp's UPI ambition?

UPI-related scams account for 55% of total digital payments frauds in India

I-T dept to keep open SFT returns filing portal for FY'23 for 'couple days'

Interest rates on fresh term deposits and loans dip in April, shows data

NFRA slaps Rs 1.10 cr fine, imposes ban on two auditors, one audit firm

Japan's rally will impact flows into other mkts: Bank of America's Akutsu

Govt receives Rs 20,97,368 crore tax revenue in FY23, reveals data

First Published: Jun 1 2023 | 12:07 PM IST

Explore News