In May, the value and volume of Unified Payments Interface (UPI) transactions hit a new high of Rs 14.3 trillion and Rs 9.41 billion, respectively. Compared to April, the value increased by 2% (Rs 14.07 trillion), and the volume increased by 6% (Rs 8.89 billion).

According to the National Payments Corporation of India (NPCI), transactions worth around Rs 3.96 trillion took place in the last ten days of May. Compared to May 2022-23, transactions are up 58% in volume and 37% in value. The increase comes from the government pushing to tax various sectors under digital payments. In March 2023, the figure stood at 8.68 billion, worth Rs 14.1 trillion.

Immediate Payment Services (IMPS) transactions increased by around 1% to Rs 5.26 trillion compared to Rs 5.21 trillion in April. During the same period, IMPS increased slightly from 496 million in April to 500 million in May. In March 2023, it was 497 million and Rs 5.46 trillion. Compared to May 2022, figures for May show a 3% increase in the number of IMPS and a 16% increase in value.

FASTag transactions in May increased by 10% to 335 million in May from 305 million in April. In terms of value, there was a 6% increase at Rs 5,437 crore in May compared to Rs 5,149 crore in April. Compared to April 2022, this segment saw a 17% increase in volume and a 24% increase in value. For March 2023, these figures stand at 306.3 million transactions worth Rs 5,067 crore.

Aadhaar Enabled Payment Systems (AePS) fell 2.35% to 99.6 million in May, compared to 102 million in April. In value terms, May 2023 sales stood at Rs 28,037 crore, down 5.4% from Rs 29,649 crore in April. This month’s figure is well below the 109.7 million transactions worth Rs 30,541 crore in March 2023. AePS fell 9% in volume and 8% in value compared to last year’s period.