However, on a year-on-year basis, the transaction count increased by 50 per cent. According to data from the National Payments Corporation of India (NPCI), the transaction volume in April was Rs 19.64 lakh crore, down from Rs 19.78 lakh crore in March. However, it soared 40 per cent year-on-year.
In February, transaction count and volume were seen at 1,210 crore and Rs 18.28 lakh crore, respectively, while in January, it was 1,220 crore and Rs 18.41 lakh crore, respectively.
In 2023, the number of UPI transactions increased by almost 60 per cent (year-on-year) to a record 11,768 crore, while the total value of UPI transactions grew by over 40 per cent (year-on-year) to Rs 182.84 lakh crore.
Meanwhile, the Indian payment infrastructure has expanded to other countries such as Nepal, France, New Zealand, and more. The NPCI and the government have taken steps to increase UPI usage, with the NPCI actively introducing new features and services to improve its adoption.
IANS