UPI Transactions Hit New High of Rs 17.4 Lakh Crore in November ’23

The Unified Payments Interface (UPI) transactions scaled a new high in November 2023 by touching Rs 17.4 lakh crore, up 1.4% as compared to Rs 17.16 lakh crore in October 2023. 

However, there was a dip in transactions by 1.5%  to 1,124 crore, compared to a record high of 1,141 crore in October 2023. In September 2023, the number of transactions was 1,056 crore, with a value of Rs 15.8 lakh crore.

As per the National Payments Corporation of India (NPCI) data, this was 54% higher in volume terms and 46% in value terms compared to the corresponding month in 2022.

According to the NPCI data, Immediate Payment Service (IMPS) transaction volume witnessed a dip of 4%  to 472 million in November 2023, compared to 493 million in October 2023 and 473 million in September 2023.

In value terms, the November 2023 number was marginally low at Rs 5.35 trillion as compared to Rs 5.38 trillion in October 2023. In September 2023, IMPS transactions stood at Rs 5.07 trillion in value.

In addition, the Aadhaar-enabled Payment System (AePS) in November 2023 witnessed an uptick of 10% at 110 million as compared to 100 million in October 2023.

In value terms, this was up by 14% to Rs 29,640 crore in November 2023, as compared to Rs 25,973 crore in October 2023, marking a 15% jump in volume and 14% in value terms as compared to the corresponding month in 2022. In September 2023, the number was 101 million and Rs 25,984 crore, respectively.

Furthermore, the NPCI data highlights that the FASTag transactions in November 2023 increased marginally to 321 million compared to 320 million in October 2023. The value of FASTag transactions stood at Rs 5,303 crore, down by 4% from Rs 5,539 crore in October 2023.

You May Also Like

Save Your Tax By Claiming Medical Expenditure Under Section 80D

The current financial year is near to end on 31st March. You…

Senior Citizens: PMVVY or SCSS investment scheme, which one is best?

Due to a fall in the interest rates offered on fixed deposits…

Know All About Moonlighting in India

The term ‘Moonlighting’ has become popular nowadays. Companies are framing strict policies…