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Indian UPI Transactions Reach Record High of How many Trillions in May 2023?
A)
Rs 12.7 Trillion
B)
Rs 14.3 Trillion
C)
Rs 15.6 Trillion
D)
Rs 16.9 Trillion

Correct Answer :   Rs 14.3 Trillion


Unified Payment Interface (UPI) transactions in May 2023 scaled a new high of Rs 14.3 trillion in terms of value and 9.41 billion in volume. It is a 2 per cent rise in value (Rs 14.07 trillion) and 6% in volume (8.89 billion) compared to April 2023.

Transactions worth around Rs 3.96 trillion happened in the last ten days of May, according to data from the National Payments Corporation of India (NPCI). Compared to May in Financial Year 2022-23, transaction volume increased by 58% and value by 37%.

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 numbers stood at 8.68 billion with a value of Rs 14.1 trillion.

Immediate Payment Service (IMPS) transactions saw a marginal rise of around 1% to Rs 5.26 trillion, compared to Rs 5.21 trillion in April 2023.

During the same period, IMPS volume too increased marginally to 500 million in May as against 496 million in April. In March 2023, it was 497 million and Rs 5.46 trillion. The May figures saw a 3 per cent growth in volume terms and 16 per cent in value terms on IMPS, compared to May 2022.

FASTag transactions in May saw a 10% rise in volume terms from 305 million in April to 335 million in May 2023. In value terms, this increased by 6% to Rs 5,437 crore in May compared to Rs 5,149 in April. This segment also saw 17% volume growth and 24% value growth compared to April 2022. In March 2023, these numbers were 306.3 million transactions with a value of Rs 5,067 crore.

Aadhaar Enabled Payment System (AePS) declined 2.35% 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% from Rs 29,649 crore in April. The current month’s figures are much lower than March 2023 numbers of 109.7 million transactions with a value of Rs 30,541 crore. On a year-on-year basis too, AePS numbers were down by 9% in volume and 8% in value terms..

Source : Business Standard

Published On : June 2, 2023
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