Record-Breaking UPI Transactions Hit ₹18.4 Trillion in January: NPCI Data

The National Payments Corporation of India (NPCI) reports a remarkable milestone in Unified Payment Interface (UPI) transactions for January, reaching a record ₹18.41 trillion. This marks a 52% increase in volume and a substantial 42% rise in value compared to the same month in the previous financial year.

UPI Transactions Hit ₹18.4 Trillion in January: Key Points

Impressive Growth: January’s UPI transactions showcase a 1.5% increase in volume, totaling 12.20 billion, and a 1% rise in value from December, emphasizing the consistent growth trend.
Year-on-Year Surge: The data reveals a substantial 52% surge in transaction volume and a significant 42% increase in transaction value compared to January of the previous financial year.
IMPS Performance: Immediate Payment Service (IMPS) transactions witnessed a minor decline in value by 0.7% to ₹5.66 trillion in January. However, transaction count increased by 2% to 509 million, showcasing resilience.
FASTag Transactions Dip: In contrast, FASTag transactions experienced a 5% decrease in volume and a 5% decline in value from December to January. The total value in January was ₹5,560 crore, with 331 million transactions.
AePS Metrics: Aadhaar Enabled Payment System (AePS) transactions declined by 8% in value, amounting to ₹23,057 crore in January. Volume also decreased from 95 million to 86 million, reflecting a temporary slowdown.
Comparison with Previous Year: January’s transaction numbers for FASTag and AePS demonstrate a 10% higher volume and a 16% increase in value compared to the same month in 2023.