Summary:
March witnessed a record-breaking surge in Unified Payments Interface (UPI) transactions, reaching 19.78 billion with a total value of Rs. 24,77,000 crore (US$ 289.26 billion). This represents a 14% increase in transaction volume and a 13% rise in value compared to February, primarily driven by end-of-year financial activities, according to the National Payments Corporation of India (NPCI). In FY25, UPI transaction values climbed by 30% to Rs. 2,60,56,000 crore (US$ 3.04 trillion), surpassing FY24’s Rs. 1,99,96,000 crore (US$ 2.33 trillion). Likewise, transaction volumes saw a remarkable 42% surge, reaching 185.85 billion from 131.14 billion in the previous fiscal year.
The average number of daily UPI transactions increased to 590 million in March, up from 575 million in February. The Immediate Payment Service (IMPS) also experienced growth, with transaction counts rising 14% to 462 million and their total value expanding by 19% to Rs. 6.68 trillion. Meanwhile, FASTag usage slightly declined by 1.3%, dropping to 379 million transactions, although its value rose by 3% to Rs. 6,800 crore (US$ 794.11 million). Aadhaar Enabled Payment System (AePS) transactions demonstrated strong growth, increasing by 20% in volume to 113 million and 25% in value to Rs. 30,539 crore (US$ 5.37 billion). Industry analysts see this consistent upward trend as a testament to growing confidence in digital financial platforms and the ongoing expansion of financial inclusion.
Source: IBEF
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