Unified Payment Interface (UPI) transactions clocked a new high in value in May by processing 14.04 billion transactions worth 20.45 trillion rupees. This was a six per cent increase compared to 13.30 billion in April in terms of volume and 4 per cent in value terms against 19.64 trillion rupees in April. Data shared by the National Payments Corporation of India (NPCI) said that the May figures were 49 per cent up in volume and 39 per cent up in value compared to the same month in 2023. May numbers were the highest in terms of value and volume since UPI turned operational in April 2016.
Immediate Payment Service (IMPS) transaction amount was marginally up by 1.45 per cent in volume to 558 million in May, as against 550 million in April. In value terms it was up by 2.36 per cent to 6.06 trillion rupees in May, up from 5.92 trillion rupees in April. The May numbers saw a 12 per cent rise in volume and 15 per cent rise in value versus the same month last year.
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