UPI sets record with 14.04 billion transactions worth Rs 20.45 trillion in May

Delhi Delhi. India’s leading digital payment system, Unified Payments Interface (UPI) achieved a significant milestone in May, setting a new record for transaction volume and value. The achievement underscores the growing use and reliance on digital payment methods across the country. UPI processed 14.04 billion transactions worth Rs 20.45 trillion in May. This represents a 6% increase in transaction volume and a 4% rise in transaction value compared to April, when 13.30 billion transactions worth Rs 19.64 trillion were recorded. National Payments Corporation of India (NPCI)

NPCI), the May figures were 49% higher in volume and 39% higher in value than the same month in 2023, which was in April 2016. UPI This represents the highest monthly performance since the launch of the instant payment service (IMPS) saw a marginal increase in May, with transaction volume rising 1.45% to 558 million from April’s 550 million. The value of transactions also rose 2.36% to Rs 6.06 trillion, compared to Rs 5.92 trillion in April. Compared to May 2023, these figures reflect a 12% increase in transaction volume and a 15% increase in value, which

IMPS reflects a steady increase in usage. UPI’s record-breaking achievement in May and the growth in IMPS usage mark a watershed moment in India’s digital payments journey. As UPI And IMPS As they continue to grow and expand, they are set to play an even more important role in shaping the future of digital finance in India and beyond.