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NEW DELHI — The number of Unified Payments Interface (UPI) transactions fell by 1 per cent (month-on-month) to 1,330 crore in April, down from 1,344 crore seen in March.
However, on a year-on-year basis, the transaction count increased by 50 per cent. According to data from the National Payments Corporation of India (NPCI), the transaction volume in April was INR 19.64 lakh crore, down from INR 19.78 lakh crore in March. However, it soared 40 per cent year-on-year.
In February, transaction count and volume were seen at 1,210 crore and INR 18.28 lakh crore, respectively, while in January, it was 1,220 crore and INR 18.41 lakh crore, respectively.
In 2023, the number of UPI transactions increased by almost 60 per cent (year-on-year) to a record 11,768 crore, while the total value of UPI transactions grew by over 40 per cent (year-on-year) to INR 182.84 lakh crore.
Meanwhile, the Indian payment infrastructure has expanded to other countries such as Nepal, France, New Zealand, and more. The NPCI and the government have taken steps to increase UPI usage, with the NPCI actively introducing new features and services to improve its adoption.