India's UPI Transactions Dip Slightly in April 2024

In April 2024, India’s Unified Payments Interface (UPI) transactions saw a minor decline, totaling 13.30 billion transactions, a 1% decrease from the previous month’s figure of 13.44 billion transactions. Similarly, the total transaction value for April stood at Rs 19.64 lakh crore, slightly down from Rs 19.78 lakh crore in March.

Despite this monthly decrease, the fiscal year 2023-24 showcased impressive growth for UPI transactions, with a significant 57% increase in transaction volume and a 44% rise in transaction value compared to the previous fiscal year 2022-23. March 2024, in particular, witnessed exceptional growth, with transaction volume reaching 13.44 billion (a 55% increase) and transaction value amounting to Rs 19.78 lakh crore (a 40% rise) compared to March 2023.

In contrast, Immediate Payment Service (IMPS) transactions experienced a decline in April, with transaction values decreasing by 7% to Rs 5.92 trillion from Rs 6.35 trillion in March, and transaction volume dropping by 5% from 581 million to 550 million.

Similarly, FASTag transactions also decreased, with a 3% drop in volume and a 6% decrease in value compared to March. FASTag transactions amounted to Rs 5,592 crore in April, down from Rs 5,939 crore in March, with transaction volume reaching 328 million.

Despite these monthly fluctuations, India’s digital payments landscape continues to show resilience and innovation, with UPI leading the transition towards a more cashless economy. The overall trajectory remains positive, reflecting ongoing growth and adoption of digital payment methods across the country.