Unified Payment Interface (UPI) transactions fell 0.7% month-on-month in April, data from National Payments Corporation of India(NPCI) showed on Wednesday.
Similarly, transaction value fell 1% month-on-month.
UPI transactions stood at 13.3 billion in April, lower than the 13.4 billion in March.
Transactions value was Rs 19.6 trillion in April; lower than the Rs 19.8 trillion in March.
Transactions rose 50% year-on-year in terms of volume, and 40% in terms of value in April.
Volumes on the UPI platform were at Rs 12.1 billion, and transaction value was Rs 18.3 trillion in February.
“The marginal decline in UPI volumes in April can be attributed to seasonality factors. March is a financial year-end and tends to see a spurt in transactions particularly in the financial services sector,” said Ramakrishnan Ramamurthy, executive vice president- India, Worldline.
Immediate Payment Service (IMPS) transactions rose 11% year-on-year to 550 million, while transaction value rose 14% year-on-year to Rs 5.9 trillion. Transaction volume and transaction value were at 581 million and Rs 6.4 trillion, respectively in March.
In April, Aadhar-enabled payment (AePS) services were at 94 million, lower than the 108 million in March. Transaction value were at Rs 25,172 crore in April, lower than the Rs 27,996 crore in March.
AePS transaction volume, and value fell 7%, and 15% year-on-year, respectively in April.
FASTag transactions rose 8% to 328 million in April. Transaction value rose 9% to Rs 5,592 crore. Transaction volume, and value were at 339 million, and Rs 5,939 crore, respectively in March.
“With the adoption of digital commerce and digital payments continuing to grow I would expect the high growth trajectory to continue,” Ramamurthy said, adding that an increase in adoption of RuPay credit card on UPI and credit lines will help drive transactions further.