Unified Payments Interface (UPI) transactions saw a 3 percent increase in volume in August to 14.96 billion, compared with 14.44 billion in July, the highest since the digital payment platform went live in April 2016.
However, in value terms, the month registered a marginal decline to Rs 20.61 trillion in August, compared to Rs 20.64 trillion in the previous month.
According to data shared by the National Payments Corporation of India (NPCI) on Sunday, in August, UPI volume registered a year-on-year growth of 41 percent and a year-on-year growth of 31 percent in value. In June, the figures were Rs 13.89 billion in volume and Rs 20.07 trillion in value.
The volume of Immediate Payment Service (IMPS) transactions declined by 8 percent in August to 453 million, compared to 490 million in July. In terms of value, IMPS transactions declined by 3 percent to Rs 5.78 trillion in August, compared to Rs 5.93 trillion in July. This was seen from Rs 517 million in volume and Rs 5.78 trillion in value in June. August figures declined by 7 percent in volume and increased by 12 percent in value compared to the same month last year.
FASTag transactions increased by 2% during the month to 329 million, compared to 323 million in July. In terms of value, they rose slightly in August to Rs 5,611 crore from Rs 5,578 crore in July. In June, FASTag reached a volume of 334 million and a value of Rs 5,780 crore, respectively. The month registered a 7% increase in volume and 8% in value compared to August 2023.
The Aadhaar-enabled payment system (AePS) segment grew 3 per cent in volume to Rs 100 million in August, up from Rs 97 million in July. In June, it was the same as in August. In value, it also increased by 2 per cent to Rs 24,676 crore, up from Rs 24,218 crore in July. This was from Rs 25,122 crore in June. The segment witnessed a decline of 7 per cent in volume and 10 per cent in value compared to August 2023.
First published: September 1, 2024 | 16:07 IS
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