In May, Unified Payment Interface (UPI) transactions surged to a record high, processing 14.04 billion transactions valued at US$ 246.15 billion (Rs. 20.45 trillion). This marks a 6% increase in volume compared to April, which saw 13.30 billion transactions, and a 4% rise in value from US$ 236.40 billion (Rs. 19.64 trillion). Data from the National Payments Corporation of India (NPCI) revealed that May’s figures soared by 49% in volume and 39% in value compared to May 2023, signaling the highest transaction volume and value since UPI’s inception in April 2016.
Meanwhile, the Immediate Payment Service (IMPS) experienced a slight uptick in transaction volume, reaching 558 million in May compared to 550 million in April, marking a 1.45% increase. In terms of value, IMPS transactions grew by 2.36% to US$ 72.94 billion (Rs. 6.06 trillion) in May, up from US$ 71.26 billion (Rs. 5.92 trillion) in April. This represents a 12% rise in volume and a 15% increase in value compared to May 2023.
FASTag transactions also saw a notable uptick in May, rising by 6% to 347 million transactions from 328 million in April. The transaction value in May stood at US$ 0.71 billion (Rs. 5,908 crore), showing a 4% increase in volume and a 9% rise in value compared to May 2023.
Conversely, the Aadhaar Enabled Payment System (AePS) experienced a decline in May, with transaction volume dropping by 4% to 90 million from 95 million in April. Similarly, the transaction value decreased by 7% to US$ 2.82 billion (Rs. 23,417 crore) from US$ 3.03 billion (Rs. 25,172 crore) in April.
Overall, May showcased substantial growth in UPI, IMPS, and FASTag transactions in both volume and value, while AePS transactions declined, reflecting the continuous expansion and adoption of digital payment systems across India.
