MUMBAI: Exchanges on the Bound together Installments Connection point (UPI) stage hit another high of 890 crore in April 2023. These transactions also set a new record with a value of Rs 14.07 lakh crore. In the meantime, FASTag transactions totaled 30.5 million for Rs 5,149 million. The number of transactions was slightly lower than the March record of 30.6 crore.
The National Payments Corporation of India has released data showing that IMPS transactions for April decreased to 49.6 crore from 49.7 crore in March 2023. Transactions also decreased in value, from Rs 5.46 lakh crore to Rs 5.21 lakh crore. The number of transactions was up 5% and the value was up 17% year over year.
UPI transactions increased by 59% in April 2023 compared to April 2022. The worth of these exchanges was 49% higher than a year prior. In March 2023, the busiest month for transactions, the number of UPI transactions was sequentially 2.3% higher than 870 crore, and 18% higher than February. March 2023's value was only slightly lower at Rs 14.05 lakh crore.