The Unified Payments Interface (UPI) system recorded transaction volume of 20.47 billion in November, a marginal decline from 20.70 billion in October, according to data from the National Payment Corporation of India (NPCI). Transactions were valued at Rs 26.32 lakh crore in November, compared with Rs 27.28 lakh crore the previous month.
The transaction volume posted a 32% year-on-year (Y-o-Y) growth in the month under review. October posted record-high numbers, driven by the festive season.
The average daily transaction count increased to 682 million in November from 668 million in October, while the transaction amount dropped to Rs 87,721 crore from Rs 87,993 crore in October.
What did Anup Aggarwal say?
“Even after October’s record highs, activity in November remained steady, which shows the level of trust and reliability people now associate with UPI,” Anup Agarwal, co-founder, Kiwi, said in a note. “Credit on UPI is emerging as an important part of this journey, giving users the flexibility to manage expenses, maintain cash flow and build a stronger credit footprint while continuing to pay through a familiar interface,” he added.
Rise in volume of FASTag transactions
FASTag transaction volume rose to 369 million valued at Rs 7,046 crore in November, from 361 million transactions worth Rs 6,686 crore in October.
Immediate Payment Service (IMPS) volumes declined to 369 million from 404 million in October. On a yearly basis, the volume decreased by 10%. The transaction value stood at Rs 6.15 lakh crore, compared to Rs 6.42 lakh crore in October.
Similarly, transaction volume of the Aadhaar Enabled Payment System (AePS) dipped to 108 million from 112 million in the previous month. In value terms, transactions fell to Rs 28,428 crore compared to Rs 30,509 crore in October.