UPI sets record with 14.04 billion transactions worth ₹20.45 trillion in May
UPI processed 14.04 billion transactions totaling ₹20.45 trillion in May, marking a 6% increase in volume and 4% rise in value from April.
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Unified Payments Interface (UPI), India's leading digital payments system, achieved a significant milestone in May, setting a new record for transaction volume and value. This achievement underscores the growing adoption and reliance on digital payment methods across the country.
UPI processed 14.04 billion transactions worth 20.45 trillion rupees in May. This represents a 6% increase in transaction volume and a 4% rise in transaction value compared to April, when 13.30 billion transactions worth 19.64 trillion rupees were recorded. According to the National Payments Corporation of India (NPCI), May's figures were 49% higher in volume and 39% higher in value compared to the same month in 2023, marking the highest monthly performance since UPI's launch in April 2016.
Similarly, Immediate Payment Service (IMPS) saw a slight uptick in May, with transaction volumes increasing by 1.45% to 558 million, up from 550 million in April. The transaction value also rose by 2.36%, reaching 6.06 trillion rupees compared to 5.92 trillion rupees in April. Compared to May 2023, these figures represent a 12% increase in transaction volume and a 15% increase in value, reflecting steady growth in IMPS utilisation.
UPI's record-breaking achievement and increase in IMPS usage in May signifies a pivotal moment in India's digital payments journey. As UPI and IMPS continues to evolve and expand, they are poised to play an even more significant role in shaping the future of digital finance in India and beyond.
