UPI transactions hit record high in May with 14.04 billion transactions
UPI transactions hit an all-time high in May with 14.04 billion transactions valued at 20.45 trillion rupees, marking significant growth from April. IMPS also saw a modest increase in both transaction volume and value.
- Jun 03, 2024,
- Updated Jun 03, 2024, 12:14 PM IST
Unified Payment Interface (UPI) transactions surged to a new record in May, processing 14.04 billion transactions worth 20.45 trillion rupees. This marks a 6% increase in volume from April's 13.30 billion transactions and a 4% rise in value from April's 19.64 trillion rupees.
According to data from the National Payments Corporation of India (NPCI), these figures represent a 49% increase in volume and a 39% increase in value compared to May 2023, making it the highest since UPI's launch in April 2016.
Immediate Payment Service (IMPS) also saw a marginal increase in May, with transaction volume rising by 1.45% to 558 million from April's 550 million. The value of IMPS transactions increased by 2.36% to 6.06 trillion rupees, up from 5.92 trillion rupees in April. Compared to May of the previous year, these numbers reflect a 12% rise in volume and a 15% rise in value.