Money & Banking

Digital payments remain strong, marginal decline in November

Surabhi | | | Updated on: Dec 01, 2021
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The number of transactions through the UPI declined marginally to 418 crore in November 2021 compared to 421 crore transactions recorded in October

Digital payments continued to maintain a strong momentum in November although the value and volume of transactions fell marginally compared to the record highs of October that was led by festive season spends.

The Unified Payments Interface, which crossed the 400 crore mark for the number of transactions in October, continued to remain well above the level.

However, the number of transactions on the UPI platform declined slightly to 418 crore in November 2021 compared to 421 crore transactions recorded in October, according to data from the National Payments Corporation of India.

The value of transactions processed through UPI last month was also buoyant but slightly lower at ₹7.68 lakh crore compared to ₹7.71 lakh crore in October.

Experts believe that UPI will continue to register robust growth and acceptance given the multiple use cases including the AutoPay feature and IPO subscription.

On a daily basis on an average, over 13 crore transactions worth at least ₹25,000 crore took place through UPI in November.

IMPS transactions

Transactions on the Immediate Payment Service (IMPS) platform also remained robust but saw a similar decline to 41.2 crore in November from 43.06 crore in October. The value of transactions processed through IMPS fell to ₹3.64 lakh crore in November from ₹3.7 lakh crore a year ago.

As many as 21.41 crore toll collection related transactions worth ₹3,177.17 crore took place through NETC FASTags in November compared to 21.42 crore payments amounting to ₹3,356.74 crore in October 2021.

Payments through AePS however, bucked the trend to rise marginally in terms of value in November 2021. As many as 9.46 crore transactions worth ₹25,687.66 crore took place through AePS last month compared to 9.68 crore transactions totalling ₹25,410.12 crore in October.

Published on December 01, 2021

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