Unified Payment Interface (UPI) transactions in India reported a record 57% increase in volume and 44% increase in value in 2023–24 compared to the previous financial year, demonstrating the boom in digital transactions.
Compared to March 2023, the volume of transactions increased by 55% to 13.44 billion, while the value increased by 40% to Rs 19.78 trillion in March 2024.
UPI transactions surpassed 100 billion for the first time, reaching 131 billion in a fiscal year, up from 84 billion in 2022–2023.
UPI transactions surpassed 100 billion for the first time, reaching 131 billion in a fiscal year, up from 84 billion in 2022–2023. A record value of Rs 199.89 trillion was also recorded in the year, up from Rs 139.1 trillion. The value of transactions in February 2024 was Rs 18.28 trillion and 12.10 billion, respectively. In terms of volume and value, they were 12.20 billion and Rs 18.41 trillion in January 2024.
"The UPI has experienced substantial growth in FY24; year-over-year growth in transactions is 56% in terms of volume and 43% in terms of value. The Average Ticket Size (ATS) is gradually declining, suggesting a broader penetration of UPI and a rise in its use for lower-value items.
Regarding UPI transactions, Sunil Rongala, senior vice president and head of strategy, innovation, and analytics at Worldline India, stated that the ATS was Rs 1,471 in March 2024 as opposed to Rs 1,623 in March 2023.
In March 2024, the amount of transactions made through the Immediate Payment Service (IMPS) increased by 17% to 581 million, while the value of those transactions increased by 16% to Rs 6.35 trillion. From 5,510 million transactions in 2022–2023 to 5,999 million during the entire fiscal year, it climbed by 9%. The value of IMPS transactions in the fiscal year 2023–2024 was Rs 64.93 trillion, a 17% increase from Rs 55.42 trillion the previous year.
The volume increased from 509 million and Rs 5.66 trillion in January 2024 to 535 million and Rs 5.68 trillion in February 2024.
FASTag transactions showed a 17% increase in value to Rs 5,939 crore and an 11% increase in volume to 339 million. This is in contrast to January 2024, which saw 331 million and Rs 5,560 crore, and February 2024, which had 323 million in volume and Rs 5,582 crore in value.
The number of transactions made through the Aadhaar Enabled Payment System (AePS) in March decreased by 1% to 108 million. There was an 8% decline in value, amounting to Rs 27,996 crore. This was less than the 86 million in January and the 83 million in February in terms of volume. January's worth was Rs 25,057 crore, while February's value was Rs 22,007 crore.
