In a testament to the growing prominence of digital transactions in India, the Unified Payment Interface (UPI) reported a record-breaking value of Rs 17.4 trillion for the month of November. While this marks a modest 1.4% increase from October’s Rs 17.16 trillion, the number of transactions experienced a slight dip of 1.5%, totaling 11.24 billion compared to October’s peak of 11.41 billion.
Data shared by the National Payments Corporation of India (NPCI) revealed a substantial year-over-year increase, with a 54% rise in transaction volume and a 46% surge in transaction value compared to November of the previous year.
The Immediate Payment Service (IMPS) saw a 4% decrease in transaction volume for November, settling at 472 million transactions. In terms of value, November recorded Rs 5.35 trillion, a marginal decline from October’s Rs 5.38 trillion. Despite this, a year-over-year analysis shows a 2% growth in volume and an 18% growth in value from November 2022.
FASTag transactions witnessed a slight uptick in November, reaching 321 million compared to October’s 320 million. However, the total value decreased by 4%, amounting to Rs 5,303 crore. The digital toll payment system demonstrated significant growth compared to September 2023, with a 12% increase in volume and a 14% increase in value.
Vivek Iyer, a partner at Grant Thornton Bharat, emphasized the pivotal role of digital toll payments in India’s digitization journey, stating that it promotes digital payments after ensuring access to technology. The introduction of NETC FASTag has played a crucial role in advancing this transition.
October saw a commendable 10% growth in the Aadhaar Enabled Payment System (AePS), with 110 million transactions compared to November’s 100 million. The total transaction value increased by 14%, reaching Rs 29,640 crore. These figures reflect a 15% increase in volume and a 14% increase in value compared to the same month last year. In September 2023, AePS recorded 101 million transactions and Rs 25,984 crore in value.
