Mumbai The Unified Payments Interface (UPI) saw both the number and value of transactions moderating by about 1 per cent on month from the record high seen in March 2024.

Transactions worth ₹19.64 lakh crore were processed during April 2024, 0.7 per cent lower than the record of ₹19.78-lakh crore seen in the previous month. The value of transactions was 40 per cent higher compared with April 2023, as per data by the National Payments Corporation of India (NPCI).

The end of a financial year traditionally sees a lot of transactions closer to the ₹1 lakh limit as a lot of merchants, business owners and individuals square off transactions leading to higher value and volume of transactions.

The number of transactions on the UPI network fell 1.0 per cent to 1,330 crore during the month from the March peak level of 1,344 crore transactions. On year, the volume of transactions was 50 per cent higher. On-year growth in UPI transactions consistently remained over 40 per cent for the value of transactions, and above 50 per cent for volume of UPI trades in 2023 and FY24.

“UPI volumes and value continue to grow on a year-on-year basis, reflecting the continued focus on digital adoption across the country and the customer convenience that UPI offers. The month-on-month reduction is not a comparable factor given that march is usually the month with higher volumes during the year,” said Vivek Iyer, Partner, Grant Thornton Bharat.

In FY24, the UPI platform processed 13,115 transactions aggregating to ₹199.29-lakh crore compared with 8,376 crore transactions worth ₹139-lakh crore in FY23. In terms of the total transactions processed during the year, the volume of transactions was up 56.6 per cent whereas value of transactions was 43.4 per cent higher.

UPI transactions are expected to breach 100 crore transactions per day by FY27, as per a report by PwC India, which projects UPI to dominate the retail digital payments landscape, accounting for 90 per cent of total transaction volumes over the next five years.