UPI Transaction: Unified Payment Interface (UPI) transactions in India achieved a remarkable milestone in January, surpassing the Rs 18 trillion mark, reflecting a 1% increase from the previous month’s figure of Rs 18.23 trillion. The transaction volume also witnessed a rise of 1.5%, reaching 12.20 billion compared to 12.02 billion in October.
The upward trend in UPI transactions continues, with the January figures showing a 52% increase in volume and a 42% increase in value compared to the same month in the previous financial year. This surge underscores the growing popularity and acceptance of digital payment methods among Indian consumers.
In contrast, Immediate Payment Service (IMPS) transactions experienced a marginal decline of 0.7% in transaction value during January, amounting to Rs 5.66 trillion, compared to Rs 5.7 trillion in December. However, the transaction count for IMPS rose by 2% to 509 million in January, up from 499 million in the previous month.
FASTag transactions saw a 5% dip in January, recording 331 million transactions compared to 348 million in December. The transaction value for FASTag in January amounted to Rs 5,560 crore, marking a 5% decrease from Rs 5,861 crore in December. Despite the decline, January figures show a 10% increase in volume and a 16% increase in value compared to the same period in 2023.
