Unified Payments Interface ( UPI ) has continued its growth trajectory, recording its highest-ever transaction volume and value in October. According to data from the National Payments Corporation of India ( NPCI ), UPI processed 16.58 billion transactions worth Rs 23.5 lakh crore last month.
This surge in UPI transactions represents a 10% increase in volume and a 14% increase in value compared to September, news agency IANS cited data by NPCI as saying. Daily UPI transactions also reached new highs, exceeding 535 million in volume and Rs 75,801 crore in value.
IMPS transactions increase in volume and value
Other digital payment systems also witnessed growth in October. Immediate Payment Service (IMPS) transactions increased by 9% in volume and 11% in value, while FASTag transactions grew by 8% in volume and 9% in value. Aadhaar Enabled Payment System (AePS) transactions saw a significant jump of 26% in volume.
In the first half of 2024, UPI transaction volume surged by 52%, and the value of transactions grew by 40% compared to the same period last year. These figures underscore the transformative impact of UPI on India's payment ecosystem and its role in driving financial inclusion and economic growth.
Debit Card transactions decline: RBI
Recently, a report by the Reserve Bank of India suggested that debit card-based transactions dropped almost 8% from nearly Rs 43,350 crore in August to about Rs 39,920 crore in September.
As per RBI’s monthly data, credit card transactions grew in the country, seeing a nearly 5% increase in the month of September at Rs 1.76 lakh crore, from Rs 1.68 lakh crore in August.
This surge in UPI transactions represents a 10% increase in volume and a 14% increase in value compared to September, news agency IANS cited data by NPCI as saying. Daily UPI transactions also reached new highs, exceeding 535 million in volume and Rs 75,801 crore in value.
IMPS transactions increase in volume and value
Other digital payment systems also witnessed growth in October. Immediate Payment Service (IMPS) transactions increased by 9% in volume and 11% in value, while FASTag transactions grew by 8% in volume and 9% in value. Aadhaar Enabled Payment System (AePS) transactions saw a significant jump of 26% in volume.
In the first half of 2024, UPI transaction volume surged by 52%, and the value of transactions grew by 40% compared to the same period last year. These figures underscore the transformative impact of UPI on India's payment ecosystem and its role in driving financial inclusion and economic growth.
Debit Card transactions decline: RBI
Recently, a report by the Reserve Bank of India suggested that debit card-based transactions dropped almost 8% from nearly Rs 43,350 crore in August to about Rs 39,920 crore in September.
As per RBI’s monthly data, credit card transactions grew in the country, seeing a nearly 5% increase in the month of September at Rs 1.76 lakh crore, from Rs 1.68 lakh crore in August.
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