UPI transaction timer Value of Rs 17.4 trillion for November shows a 1.4 percent increase

In November, the value of UPI transactions reached a new high of Rs 17.4 trillion, up 1.4% from Rs 17.16 trillion in October. Nonetheless, compared to a record high of 11.41 billion in October, there was a 1.5% decrease in transactions to 11.24 billion.

10.56 billion transactions with a total value of Rs 15.8 trillion were made in September.

According to NPCI statistics, this represents a 54% increase in volume and a 46% increase in value over the same month the previous year.

The number of IMPS transactions in November was 472 million, down 4% from 493 million in October and 473 million in September, according to NPCI statistics.

Value-wise, the November amount was slightly lower at Rs 5.35 trillion than the October figure of Rs 5.38 trillion. The value of IMPS was estimated to reach Rs 5.07 trillion in September 2023.

Additionally, the number of users on the Aadhaar Enabled Payment System (AePS) increased by 10% in November to 110 million from 100 million in October.

Value-wise, this increased by 14% to Rs 29,640 crore in November from Rs 25,973 crore in October, representing a 15% increase in volume and a 14% increase in value-wise from the same month the previous year. This was 101 million and Rs 25,984 crore in September 2023, respectively.

According to further data, there was a little rise in FASTag transactions in November from 320 million in October to 321 million.

FASTag transactions were valued at Rs 5,303 crore, which is 4% less than the Rs 5,539 crore recorded in October.

India’s GDP increased to 7.6% in the second quarter on Thursday. Following this event, experts dramatically increased their full-year estimates for India’s growth.

The economy is now expected to grow by 6.7 percent in the fiscal year ending in March, according to Barclays Plc and Citigroup Inc., up from earlier projections of 6.3 percent and 6.2 percent, respectively.

India’s GDP grew by 7.6 percent during the July–September quarter, significantly above the Monetary Policy Committee (MPC) of the Reserve Bank of India’s forecast from last month.