In November 2023, Unified Payments Interface (UPI) transactions reached a new pinnacle, totaling Rs 17.4 lakh crore, marking a 1.4% increase from October 2023’s Rs 17.16 lakh crore. However, despite this surge in value, there was a slight decline in the number of transactions, dropping by 1.5% to 1,124 crore, down from the record high of 1,141 crore recorded in October 2023. Notably, September 2023 witnessed 1,056 crore transactions, valued at Rs 15.8 lakh crore.
National Payments Corporation of India (NPCI) data revealed a substantial increase in UPI transactions compared to the corresponding month in 2022, with transaction volume rising by 54% and transaction value increasing by 46%.
Meanwhile, Immediate Payment Service (IMPS) transactions experienced a 4% decline in volume, totaling 472 million in November 2023, down from 493 million in October 2023 and 473 million in September 2023. In terms of value, IMPS transactions slightly decreased to Rs 5.35 trillion in November 2023, compared to Rs 5.38 trillion in October 2023 and Rs 5.07 trillion in September 2023.
On the other hand, Aadhaar-enabled Payment System (AePS) transactions saw a notable uptick in November 2023, rising by 10% to 110 million transactions from 100 million in October 2023. The value of AePS transactions also increased by 14% to Rs 29,640 crore in November 2023, up from Rs 25,973 crore in October 2023. Compared to the corresponding month in 2022, AePS transactions experienced a 15% increase in volume and a 14% increase in value.
Moreover, FASTag transactions witnessed a marginal increase in November 2023, totaling 321 million, compared to 320 million in October 2023. However, the value of FASTag transactions slightly decreased by 4% to Rs 5,303 crore in November 2023, down from Rs 5,539 crore in October 2023.
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