UPI transactions for first time crosses over Rs 100 billion benchmark in FY 24

New Delhi: Unified Payment Interface (UPI) transactions in India witnessed a remarkable growth of 57% in volume and 44% in value during the Financial Year 2023-24 as compared to the previous financial year. Even in March 2024, the transactions saw a significant increase of 55% in volume to 13.44 billion and 40% in value to Rs 19.78 trillion as compared to March 2023.

This was 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.

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Meanwhile, the sub-units of transactions features platforms including FASTag transactions had posted an 11 percent increase in volume to 339 million and a 17 percent 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.

On the other hand, the Aadhaar Enabled Payment System (AePS) witnessed a slight dip of 1% in volume to 108 million transactions. In value terms, it decreased by 8% to Rs 27,996 crore. This was down from 86 million transactions in January and 83 million transactions in February. In terms of value, it was Rs 25,057 crore in January and Rs 22,007 crore in February.

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On the other hand, Immediate Payment Service (IMPS) transactions posted a 17 percent growth in volume to 581 million transactions and a 16 percent growth in value to Rs 6.35 trillion in volume in March 2024.

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