UPI Transactions: According to the data of National Payment Corporation of India, last month there were transactions worth Rs 17.4 trillion through UPI transactions in the country. In October this figure was Rs 17.16 trillion.
UPI Transactions: Unified Payment Interface (UPI) in the country has made a new record in November. During this period, Fastag transactions have also increased. According to data released by National Payment Corporation of India (NPCI), last month there were transactions worth Rs 17.4 trillion through UPI transactions in the country.
This is 1.4 percent more than the transaction of Rs 17.16 trillion in October. However, the total number of transactions has declined by 1.5 percent during this period. It has decreased from 11.41 billion in October to 11.24 billion. From this it can be understood that more money was transacted per transaction.
There will be 100 crore UPI transactions daily
It is expected that by the financial year 2027, the number of UPI transactions will cross the figure of 100 crore per day. It is estimated that in five years, 90 percent of transactions at shops will be through UPI.
Fastag transactions increased but the amount decreased
According to NPCI, UPI transactions have increased by 54 percent this year compared to November last year and money transactions have also increased by 46 percent. In this September, 2023, there were 10.56 billion transactions worth Rs 15.8 trillion. There were 32.1 crore Fastag transactions in November whereas in October that figure was 32 crore. Payment of Rs 5303 crore was made through Fastag whereas in October this figure was Rs 5539 crore. Fastag transactions have increased but the amount has decreased.
Use of IMPS decreased
There has been a decline in the use of IMPS (Immediate Payment Service) last month. In comparison to October, it has decreased by 4 percent in November to only 47.2 crores. It is clearly seen that UPI has affected IMPS. In November, AEPS (Aadhaar Enabled Payment System) also jumped by 10 percent to reach 11 crore transactions. Transactions worth Rs 29640 crore were done through AEPS. Features like UPI, Tap and Pay and Hello UPI are playing an important role in moving people away from cash transactions. Small to big businessmen have made their work easier by accepting UPI payment.
