In comparison to the previous financial year, Unified Payment Interface (UPI) transactions in India saw a record 57% increase in volume and 44% increase in value in the Financial Year 2023–2024.

In comparison to March 2023, the volume of transactions increased by 55% to 13.44 billion and the value by 40% to Rs 19.78 trillion in March 2024.

UPI transactions closed at 131 billion in a fiscal year, surpassing 100 billion for the first time, up from 84 billion in 2022–2023.

In addition, record value reached Rs 199.89 trillion in the year, up from Rs 139.1 trillion.

Transactions in February 2024 were recorded at Rs 18.28 trillion and 12.10 billion, respectively. In terms of volume and value, it was 12.20 billion and Rs 18.41 trillion in January 2024.

In FY 24, UPI expanded at a very robust rate; year over year, transactions increased by 56% in terms of volume and 43% in terms of value. The adoption of UPI for small ticket products has expanded as a result of the continually declining Average Ticket Size (ATS) and greater entrenchment of UPI.

“The ATS numbers were seen at Rs 1,471 in March 2024 compared to Rs 1,623 in March 2023,” said Sunil Rongala, senior vice president, head of strategy, Innovation & Analytics, Worldline India on UPI transactions.

Conversely, Immediate Payment Service (IMPS) transactions demonstrated a 16% increase in value to Rs 6.35 trillion in volume and a 17% increase in volume to 581 million transactions in March 2024.

It increased by 9% to 5,999 million transactions throughout the course of the fiscal year, compared to 5,510 million transactions in 2022–2023.

The value of IMPS transactions for the 2023–24 fiscal year was Rs 64.93 trillion, a 17% increase from Rs 55.42 trillion the previous year. Volume increased from 509 million and Rs 5.66 trillion in January 2024 to 535 million and Rs 5.68 trillion in February 2024.

FASTag transactions, meanwhile, reported a 17% increase in value to Rs 5,939 crore and an 11% increase in volume to 339 million. This was compared to 323 million in volume and Rs 5,582 crore in value in February 2024, and 331 million and Rs 5560 crore correspondingly in January 2024.

The number of transactions made through the Aadhaar Enabled Payment System (AePS) in March decreased by 1% to 108 million. This too decreased in value, falling by 8% to Rs 27,996 crore. This was less than the 86 million in January and the 83 million in February in terms of volume. This amounted to Rs 22,007 crore in February and Rs 25,057 crore in January in terms of value.