UPI Transactions Experience Minor Dip in April Following Record March
UPI transactions dip 1.7% by value in April after record March
Business StandardImage: Business Standard
In April, Unified Payments Interface (UPI) transaction value fell by 1.7% to ₹29.03 trillion after reaching record highs in March. Despite this decrease, daily transaction volumes increased, indicating sustained demand for digital payments in India.
- 01UPI transaction value dropped to ₹29.03 trillion in April, down from ₹29.53 trillion in March.
- 02Daily UPI transaction volumes rose from 730 million in March to 745 million in April.
- 03Year-on-year, UPI volume increased by 25% and value by 21%.
- 04Immediate Payment Service (IMPS) transactions decreased by 1% in volume and 5% in value.
- 05The Reserve Bank of India's new authentication framework aims to reduce transaction failures.
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In April, the value of Unified Payments Interface (UPI) transactions in India fell by 1.7% to ₹29.03 trillion from the previous month's record of ₹29.53 trillion. The volume of transactions also dipped by 1.3% to 22.35 billion, according to the National Payments Corporation of India. However, daily transaction volumes increased from 730 million in March to 745 million in April, suggesting a strong underlying demand for digital payments. Year-on-year comparisons show a 25% increase in volume and a 21% rise in value. Akash Sinha, CEO of Cashfree Payments, noted that the dip was largely due to the high performance in March, driven by financial year-end activities. Meanwhile, Immediate Payment Service (IMPS) transactions saw a 1% decrease in volume and a 5% decline in value, while FASTag transactions also fell by 1.6%. The Reserve Bank of India's new two-factor authentication framework, implemented on April 1, is expected to improve transaction success rates, especially in areas with low connectivity. This framework aims to address issues like failed authentications, enhancing the reliability of digital payments.
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The slight decline in UPI transactions may lead to minor fluctuations in merchant sales and consumer spending, but the overall growth trend indicates a solid foundation for digital payments.
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