The rise comes at a time when the government is pushing to bring tax collection across various segments under digital payment. In March 2023, the figures stood at 8.68 billion with a value of Rs14.1 trillion.
Unified Payment Interface( UPI) payments in May touched a new high of Rs 14.3 trillion in terms of value and 9.41 billion in volume. It’s a 2 percent rise in value Rs 14.07 trillion) and 6 percent in volume(8.89 billion) compared to April.
Deals worth around Rs 3.96 trillion happened in the last ten days of May, according to data from the Public Payments Corporation of India( NPCI). Compared to May in Financial Year 2022- 23, sale volume increased by 58 percent and value by 37 percent. The rise comes at a time when the government is pushing to bring tax collection across varied sections under digital payment. In March 2023, the figures stood at 8.68 billion with a value of Rs14.1 trillion.
Immediate Payment Service( IMPS) payments saw a borderline rise of around 1 percent to Rs5.26 trillion, compared to Rs5.21 trillion in April. During the same period, IMPS volume too increased hard to 500 million in May as against 496 million in April. In March 2023, it was 497 million and Rs5.46 trillion. The May numbers saw a 3 percent growth in volume terms and 16 percent in value terms on IMPS, compared to May 2022.
FASTag deals in May saw a 10 percent rise in volume terms from 305 million in April to 335 million in May. In value terms, this increased by 6 percent to Rs 5,437 crore in May compared to Rs 5,149 in April. This member also saw 17 percent volume growth and 24 percent value growth compared to April 2022. In March 2023, these figures were 306.3 million deals with a value of Rs 5,067 crore.
Aadhaar Enabled Payment System( AePS) declined 2.35 percent to 99.6 million in May, compared to 102 million in April. In value terms, this was seen at Rs 28,037 crore in May 2023, down 5.4 percent from Rs 29,649 crore in April. The current month’s numbers are much lower than the March 2023 figures of 109.7 million deals with a value of Rs 30,541 crore. On a YOY basis too, AePS figures were down by 9 percent in volume and 8 percent in value terms.
