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748 Million UPI Transactions Per Day in May: India's Digital Payment Engine Shows No Signs of Slowing
Digital payments in India have set a new record. UPI recorded a 24 percent increase, with transactions worth ₹30 lakh crore in May.
However, the market for digital payments in India continued to grow. This information is provided by the National Payments Corporation of India (NPCI). The number of transactions using UPI increased by 24% year on year to 23.20 billion. The total amount of transactions performed in May amounted to almost ₹30 lakh crore.
According to NPCI, the total amount of transactions performed through UPI in May was ₹29.90 lakh crore, which represents a growth of 19% compared to the same month of the previous year. In May, NPCI processed approximately 748 million transactions on average, totaling ₹96,465 crore per day.
As compared to the previous month (April), the number of transactions made by means of UPI increased by 3.8%, while their value increased by 3%. IMPS transactions amounted to 358 million in May, and AEPS – 88 million. Aadhaar-based Payment System (AEPS) transactions recorded 88 million transactions in May.
In April, digital payment transactions increased by 25 percent compared to the previous year, reaching 22.35 billion. The total value of these transactions was ₹29.03 lakh crore, representing a 21 percent increase on an annual basis. On a daily basis, the average number of transactions also increased, reaching 745 million in April (from 730 million in March).
