In a remarkable surge, Unified Payment Interface (UPI) transactions in India reached an unprecedented high, touching Rs 18.41 trillion in value as of January 31, according to data released by the National Payments Corporation of India (NPCI). This figure represents a marginal 1 percent increase from December’s transaction value of Rs 18.23 trillion.
The volume of UPI transactions also experienced significant growth, rising to 1,220.301 crore in January compared to 1,202.023 crore in December, reflecting a 1.5 percent increase. On a yearly basis, the UPI transactions saw a substantial uptick, with a 41.72 percent increase in value and a remarkable 51.81 percent increase in volume.
Breaking down the data, FASTag transactions in January amounted to Rs 5,559.91 crore in value and 33.138 crore in volume. Meanwhile, Immediate Payment Service (IMPS) transactions in January witnessed a slight dip of 0.7 percent to Rs 5.67 lakh crore, compared to Rs 5.7 lakh crore in December. However, the volume of IMPS transactions saw an increase, reaching 50.879 crore in January compared to 49.879 crore in December.
Aadhaar Enabled Payment System (AePS) transactions in January were valued at Rs 22,350.88 crore, with a volume of 8.396 crore. Despite the decline in value from December’s Rs 25,162 crore, the data shows that AePS transactions have seen remarkable growth on a yearly basis.
In a notable development, NPCI International Payments Limited (NIPL) announced a strategic partnership with Lyra, a French leader in securing e-commerce and proximity payments. This collaboration aims to introduce the Unified Payments Interface (UPI) payment mechanism in France, starting with the iconic Eiffel Tower. This move opens up new avenues for Indian tourists to make secure online transactions in France by using their UPI-powered apps.
Ritesh Shukla, CEO of NIPL, expressed optimism about the partnership, stating, “We aim at actively collaborating with financial institutions worldwide to establish partnerships and provide consumers with convenient and secure cross-border payment solutions.”
The surge in UPI transactions indicates a growing preference for digital payment methods in India, aligning with the government’s push towards a cashless economy. As the UPI ecosystem continues to evolve, these record-breaking numbers showcase the resilience and adaptability of digital payment systems in the country.
