UPI provided credit access to poor, fuelled equitable growth: Study
The authors said that the success of UPI can be replicated in other countries as well and India can play a leading role in helping them adopt the fintech system.
The Unified Payments Interface (UPI) network in May set a new record by processing 14.04 billion transactions, up from 13.3 billion in April, the data released by the NPCI said.
In terms of value, the UPI transactions amounted to Rs 20.45 lakh crore in May as compared to Rs 19.64 lakh crore in April.
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This surge follows a slight dip in transaction volumes in April, where the network saw a 1% decline to 13.3 billion transactions from 13.44 billion in March.
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Average daily transaction in May amounts to Rs 65,966 crore, with an average daily transaction count of 453 million, reflecting a 49 per cent year-on-year growth.
As per the NPCI data, the May figures were 49 per cent up in volume and 39 per cent up in value compared to the same month in 2023.
May numbers were the highest in terms of value and volume since UPI turned operational in April 2016.
In May, the Immediate Payment Service (IMPS) transaction amount was marginally up by 1.45 per cent in volume to 558 million in May, as against 550 million in April.
In value terms it was up by 2.36 per cent to Rs 6.06 trillion in May, up from Rs 5.92 trillion in April.
The May numbers saw a 12 per cent rise in volume and 15 per cent rise in value versus the same month last year.
The FASTag transactions increased by 6 per cent to 347 million compared to 328 million in April. The value of FASTag transactions in May was seen at Rs 5,908 crore versus Rs 5,592 in April.
The May numbers were 4 per cent higher in volume and 9 per cent in value compared to May 2023.
Further, the data showed that the Aadhaar Enabled Payment System (AePS) was down 4 per cent to 90 million compared to 95 million in April. In value terms too, it was down by 7 per cent to Rs 23,417 crore, as against Rs 25,172 crore in April.
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