UPI Transactions Touch Close To 600-Million Daily Mark In April: What’s Driving the Surge?

The daily Unified Payments Interface (UPI) transactions in the country have closed in on the 600-million mark in April.

As many as 596 million transactions during the month were recorded, as compared to 590 million in March, official data from the government revealed.

The value of these daily transactions is nearing the Rs 80,000-crore mark for a second month straight, though they dipped slightly.

In the month of April, transactions worth Rs 24 lakh crore were done, down from Rs 24.8 lakh crore in the previous month.

For the twelfth time in a row, that Rs 20 lakh crore worth of payments were made in a month.

Nearly 17.9 billion transactions were recorded against 18.3 billion in the previous March.

What Is Driving The Surge?

Ever since the COVID-19 pandemic, the economy has largely switched to digital payments and going cashless or digital, is also something which is highly promoted by Prime Minister Narendra Modi, to encourage transparency in the economy.

Additionally, the pace of growth remained healthy at 34.5% despite a 50.7% annualised increase in volumes in April 2024. The value of these transactions rose 21.9% from the corresponding period of the previous year.

For FASTag, the daily transaction volumes were higher, used for parking and toll collection, at 12.75 million compared with 12.2 million in the previous month.

FASTag transactions also rose 17% from 12% in the previous month.

Total transactions worth Rs 227 crore were conducted using UPI, up from Rs 219 crore in March. The monthly transaction volume was Rs 6,801 crore in the month, with 383 million in April.

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