Daily UPI transactions surge to 596 million in April, value touches INR 24 lakh crore
The number of daily Unified Payments Interface (UPI) transactions in the country rose to 596 million in April, up from 590 million in March
- NEW DELH — The number of daily Unified Payments Interface (UPI) transactions
in the country rose to 596 million in April, up from 590 million in March,
according to National Payments Corporation of India (NPCI) figures released on
Thursday.
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- Transactions worth Rs 24 lakh crore were carried out in
April, down from Rs 24.8 lakh crore in the previous month. This is the 12th
consecutive month to record payments above Rs 20 lakh crore.
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- The pace of growth remained healthy at 34.5 per cent,
despite a 50.7 per cent annualised increase in volumes in April 2024. The value
of transactions rose 21.9 per cent from the year-ago period.
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- Daily transaction volumes were also higher for FASTag
payments, used for parking and toll collection, at 12.75 million compared with
12.2 million in the previous month, reflecting the growth in the economic
activity of the country.
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- FASTag transactions jumped by a robust 17 per cent
compared to 12 per cent in the previous month. The total value of these
transactions rose to Rs 227 crore, up from Rs 219 crore in March.
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- Daily volumes for IMPS, another payment medium under the
aegis of NPCI, which operates UPI, were also higher at 14.98 million compared
to 14.89 million in March.
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- Meanwhile, the NPCI has tightened the response timelines
for UPI transactions to enhance user experience and reduce delays. In a
circular dated April 26, NPCI directed banks and payment apps to implement
quicker processing standards across various UPI services with effect from June
16 this year.
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- The move aims to cut delays in payment processing,
transaction verification, and reversals. NPCI has advised all participating
entities to ensure that these faster timelines do not lead to an increase in
technical declines or service disruptions.
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- For request pay and response pay (debit and credit), the
revised response time will be 15 seconds instead of 30 seconds earlier, as per
the NPCI circular.
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