Unified Payments Interface (UPI) processed record high transactions worth Rs 29.53 lakh crore in March, up 10% from the previous month, according to data released on Wednesday by the National Payments Corporation of India. The volume grew 11% to 22.64 billion, from 20.39 billion in February.
The daily average transaction amount stood at Rs 95,243 crore, marginally down from the previous month. The daily average volume increased by 2 million month-on-month to 730 million.
“The sustained growth in the digital payment ecosystem in India is an affirmation of the penetration of real-time payment systems in the day-to-day life of the people,” said Anand Kumar Bajaj, founder, MD and CEO, PayNearby. “What stands out is the widening adoption across Bharat, where small merchants and consumers are increasingly embracing digital transactions.”
Meanwhile, transactions through Aadhaar Enabled Payment System have climbed 23% to 111 million in March, amounting to Rs 31,956 crore.
FASTag monthly volume rose 4% to 364 million in March and the value of transactions increased 3.8% to Rs 7,193 crore. Average daily transactions stood at 11.73 million clocking Rs 232 crore in value.
Volumes of immediate payment service (IMPS) increased by 9% on month to 366 million and the value grew by 15.3% on month to Rs 7.40 lakh crore. The daily average transaction volume stood at 11.80 million, slightly down from 12 million in February.