New Delhi, November 1 (IANS). There is a continuous increase in the use of Unified Payment Interface (UPI). In October, 16.58 billion transactions took place through UPI in the country. Its value was around Rs 23.5 lakh crore. This information was given by NPCI on Friday.
This is the largest figure since the launch of UPI in April 2016.
According to data released by the National Payments Corporation of India (NPCI), October saw a 10 per cent growth in the number of transactions and 14 per cent growth in value compared to September.
The number of daily UPI transactions stood at 535 million in October. During this period, the average transaction value was Rs 75,801 crore per day. While the average daily transaction count in September was 501 million and the value was Rs 68,800 crore.
There were 467 million transactions through Immediate Payment Service (IMPS) in October, which is 9 percent more than the September figure of 430 million. Last month, the value of IMPS transactions increased by 11 percent to Rs 6.29 lakh crore as compared to September’s figure of Rs 5.65 lakh crore.
The number of transactions through Fastag has increased by 8 percent to 345 million in October. In September this figure was 318 million. The value of Fastag transactions last month was Rs 6,115 crore, which was Rs 5,620 crore in September.
According to NPCI data, there were 126 million transactions on Aadhaar Enabled Payment System (AEPS) in October, up 26 per cent from 100 million in September.
According to the latest paper by Pradeep Bhuyan, economist in the currency management department of the Reserve Bank, this is how digital transactions are increasing in India. Currently, 60 percent of consumer spending (by March 2024) is spent in cash.
The trend of digital payments is increasing rapidly in India. The share of digital transactions in consumer expenditure was 14 to 19 percent in March 2021, which has now increased to 40 to 48 percent.
The number of UPI-based transactions grew 52 per cent to 78.97 billion in the first half (April-September) of this year, from 51.9 billion in the same period last year.
At the same time, in the first six months of this year, the value of UPI transactions has increased by 40 percent from Rs 83.16 lakh crore to Rs 116.63 lakh crore.
–IANS
ABS/GKT
