UPI transactions see 33 per cent year-on-year volume growth in February

In February, the number of daily transactions stood at 575 million from 548 million in January

New Delhi: The unified payments interface (UPI) transactions witnessed 33 per cent growth (year-on-year) in transaction volume in February at 16.11 billion, the National Payments Corporation of India (NPCI) data showed on Saturday. The UPI transaction value also surged 20 per cent (on-year) to Rs 21.96 lakh crore last month.

In February, the number of daily transactions stood at 575 million from 548 million in January. This resulted in an increase in daily value to Rs 78,446 crore against Rs 75,743 crore in January, the NPCI data showed.

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For FY 2023-24, the total transaction volume exceeded 131 billion and the value exceeded Rs 200 lakh crore. The digital payments landscape has demonstrated remarkable expansion. UPI remains the cornerstone of India’s digital payment ecosystem contributing to 80 per cent of the retail payments across the country.

Meanwhile, the Immediate Payment Service (IMPS) transactions stood at 405 million. In value terms, this was Rs 5.63 crore. According to the NPCI data, FASTag transactions grew by 19 per cent (on-year) in February to 384 million. The value also increased by 18 per cent to Rs 6,601 crore.

Also, Aadhaar Enabled Payment System (AePS) transactions went up 14 per cent (on-year) to 94 million. The UPI’s ease of use, combined with a growing network of participating banks and fintech platforms, has made it the preferred mode of real-time payments for millions of users across the country.

As of January, more than 80 UPI apps (bank apps and third-party application providers), and 641 banks are currently live on UPI ecosystem, as per the latest government data.

UPI is rapidly expanding globally, enabling seamless cross-border transactions for Indians traveling abroad. Currently, UPI is live in over 7 countries, including key markets such as the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius, allowing Indians to make payments internationally.