After reaching an all-time high in January, Unified Payment Interface (UPI) transactions in India experienced a slight decrease in both value and volume in February. This decline, amounting to 0.7% in value and 0.8% in volume, can be attributed to various factors including technical issues at multiple banks and the shorter duration of the month.
Reasons for Decline
- Technical breakdowns at multiple banks led to server downtimes and failed UPI transactions.
- February being a shorter month with fewer days also contributed to the decline.
Comparative Analysis
- February’s UPI transactions were 61% higher in volume and 48% higher in value compared to the same month in 2023.
IMPS Transactions Rise
- Immediate Payment Service (IMPS) transactions witnessed a 5% increase in volume and a 0.4% increase in value in February.
- Transaction count rose from 509 million in January to 535 million in February.
FASTag Transactions Marginally Increase
- FASTag transactions saw a slight rise in value to Rs 5,582 crore in February, compared to Rs 5,560 crore in January.
- Transaction volume decreased marginally to 323 million versus 331 million in January.
AePS Transactions Decline
- Aadhaar Enabled Payment System (AePS) transactions decreased by 5% to Rs 22,007 crore in February compared to Rs 23,057 crore in January.
- Transaction volume decreased from 86 million to 83 million in February.