Unified Payment Interface (UPI) transactions reached a new value peak in January, totaling US$ 221.9 billion (Rs. 18.41 trillion), a marginal 1% increase from December’s US$ 219.8 (Rs. 18.23 trillion). Transaction volume rose by 1.5% to 12.20 billion, compared to 12.02 billion in October.
National Payments Corporation of India (NPCI) data reveals that January’s figures were 52% higher in volume and 42% higher in value compared to the same month in the previous financial year.
Immediate Payment Service (IMPS) transactions experienced a 0.7% decline in January, amounting to US$ 68.2 billion (Rs. 5.66 trillion), compared to US$ 68.7 billion (Rs. 5.7 trillion) in December.
However, transaction count increased by 2% to 509 million. In contrast, FASTag transactions decreased by 5% from 348 million in December to 331 million in January, with the transaction value at US$ 670.3 million (Rs. 5,560 crore), down 5% from US$ 706.6 million (Rs. 5,861 crore) in December. January’s numbers represented a 10% increase in volume and a 16% increase in value compared to January 2023.
Aadhaar Enabled Payment System (AePS) reported an 8% decrease in January, amounting to US$ 2.8 billion (Rs. 23,057 crore), compared to US$ 3 billion (Rs. 25,162 crore) in December, with the transaction volume dropping from 95 million to 86 million. Despite the decline, January’s figures were down 12% in volume and 14% in value compared to the same month the previous year.
