July witnesses surge in UPI Payments; sets new peak in transactions
By Aishwarya Nair | First Published Aug 2, 2023, 3:53 PM ISTOn an annual basis, UPI transactions have increased in both volume and value by 58% and 44%, respectively. Experts in the payments sector predict that the third quarter when festivities arrive and consumption soars, will see the next big increase.
Mumbai: UPI transactions increased by 6% over the previous month, from 934 crore in June to 996 crore in July 2023, setting a new record. With a 4% increase from June to Rs 15.34 lakh crore, the value of transactions also reached a new high. Currently, every three days, the payments system processes close to 1 billion (100 crore) UPI transactions. In two to three years, according to NPCI chairman Dilip Asbe, the company will be prepared to manage volumes of a billion transactions per day.
On an annual basis, UPI transactions have increased in both volume and value by 58% and 44%, respectively. Experts in the payments sector predict that the third quarter when festivities arrive and consumption soars, will see the next big increase.
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Among other transactions, the national electronic toll collection Fastag has seen a marginal month-on-month decline in volume, from 31.6 crore in June 2023 to 29.5 crore in July, due to reduced travel during the monsoon. The value of transactions also dipped from Rs 5,196 crore to Rs 4,981 crore. Transactions have grown by 11% yearly, while the value has increased by 20%.
Due to less traffic during the monsoon, among other things, the national electronic toll collection Fastag has suffered a slight month-over-month volume reduction, from 31.6 crore in June 2023 to 29.5 crore in July. Additionally, the value of transactions decreased from Rs 5,196 to Rs 4,981 crore. The value has climbed by 20% while the number of transactions has grown by 11% annually.
Account-to-account transactions made through the (IMPS) increased month over month from 46.8 crore in June 2023 to 49 crore in July. In terms of value, it increased from Rs 5 lakh crore in June 2023 to Rs 5.12 lakh crore in July 2023.
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