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Despite dip in value; UPI transaction volume hits record high in August
Industry News- Sep 02,24
Unified Payment Interface (UPI) transactions reached a new peak in August, with a 3% increase in volume, totalling 14.96 billion transactions, up from 14.44 billion in July. This marks the highest transaction volume since UPI's launch in April 2016.
Despite the rise in transaction volume, the total value of UPI transactions saw a slight decline, dropping to Rs 20.61 trillion in August from Rs 20.64 trillion in July.
Data released by the National Payments Corporation of India (NPCI) indicated that UPI transactions in August reflected a 41% year-on-year (YoY) growth in volume and a 31% YoY increase in value. In June, the platform recorded 13.89 billion transactions valued at Rs 20.07 trillion.
Meanwhile, Immediate Payment Service (IMPS) transactions experienced an 8% decrease in volume, falling to 453 million in August from 490 million in July. The value of IMPS transactions also dropped by 3%, totalling Rs 5.78 trillion in August compared to Rs 5.93 trillion in July. Year-on-year, August figures showed a 7% decline in volume but a 12% increase in value.
FASTag transactions rose by 2% in August, reaching 329 million, up from 323 million in July. The value of these transactions also increased slightly to Rs 56.11 billion in August from Rs 55.78 billion in July. Compared to August 2023, FASTag transactions grew by 7% in volume and 8% in value.
The Aadhaar Enabled Payment System (AePS) saw a 3% rise in transaction volume, reaching 100 million in August, compared to 97 million in July. The value of AePS transactions also increased by 2%, amounting to Rs 246.76 billion in August, up from Rs 242.18 billion in July. However, AePS transactions were down 7% in volume and 10% in value compared to August 2023.
(Business Standard)
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