Unified Payment Interface (UPI) transactions reached a new high of Rs 17.4 trillion in November, up 1.4% from Rs 17.16 trillion in October. Transactions fell by 1.5% to 11.24 billion, down from a record high of 11.41 billion in October.
In September, there were 10.56 billion transactions worth Rs 15.8 trillion. According to National Payments Corporation of India (NPCI) data, this was 54% higher in volume terms and 46% higher in value terms compared to the same month last year.
The volume of Immediate Payment Service (IMPS) transactions fell by 4% in November to 472 million, compared to 493 million in October and 473 million in September. In terms of value, the November total was slightly lower at Rs 5.35 trillion, compared to Rs 5.38 trillion in October. In comparison to November 2022, there was a 2% increase in volume and an 18% increase in value. IMPS was valued at Rs 5.07 trillion in September 2023.
FASTag transactions grew modestly in November to 321 million from 320 million in October. The total value of FASTag transactions in November was Rs 5,303 crore, a 4% decrease from Rs 5,539 crore in October. This will be 299 million and Rs 5,089 crore in September 2023, respectively. In comparison to November 2022, this represented a 12% increase in volume and a 14% increase in value.
"Promoting digital payments has been a key bedrock of India's digitisation story, and nothing exemplifies this more than digital toll payments." Once technological access is established, the next critical aspect is technology adoption, and NETC FASTag made the process smooth," stated Vivek Iyer, partner at Grant Thornton Bharat.
The number of Aadhaar Enabled Payment System (AePS) users increased by 10% in November, reaching 110 million from 100 million in October. In terms of value, this increased by 14% to Rs 29,640 crore in November, compared to Rs 25,973 crore in October. When compared to the same month last year, this is a 15% increase in volume and a 14% increase in value. This will be 101 million and Rs 25,984 crore in September 2023, respectively.
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