Mumbai: Unified Payments Interface (UPI) transactions in India touched record high in March. According to the latest data released by the National Payments Corporation of India (NPCI), the transaction value through UPI surged to an all-time high of Rs 24.77 lakh crore in March. This is a growth of 12.7% compared to the previous month’s Rs 21.96 lakh crore. In February, 16.11 billion transactions amounting to Rs 21.96 lakh crore were registered using UPI.
As per NPCI, the transaction value of Rs 24.77 lakh crore in March this year reflects a 25% jump from Rs 19.78 lakh crore recorded in the same month last year. The average daily UPI transactions stood at Rs 79,903 crore in March—1.9% higher than in February, along with a 2.6% increase in transaction volume.
On a year-on-year (y-o-y) basis, UPI transaction volumes were up 36 per cent, while transaction value was up 25 per cent. On an average, a total of 590 million average daily UPI transactions, and Rs 79,910 crore average daily UPI transactions took place in March.
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IMPS monthly volumes fell by 20 per cent y-o-y to 462 million in March. IMPS transaction value, however, was up 5 per cent y-o-y at Rs 6.68 lakh crore in March.
NPCI, an umbrella organisation operating India’s retail payment and settlement systems, is an initiative by the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA). It powers the Unified Payments Interface (UPI), facilitating real-time payments between individuals and merchants during purchases.
Meanwhile, the Union Cabinet has approved an incentive scheme worth approximately Rs 1,500 crore for promoting BHIM-UPI transactions below Rs 2,000 for the financial year 2024-25. The government will bear the Merchant Discount Rate (MDR) charges on payments below Rs 2,000 made to merchants.
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