Daily UPI transactions increase to 596 million in April
According to data issued by the National Payments Corporation of India (NPCI), the country’s daily Unified Payments Interface (UPI) transactions increased from 590 million in March to 596 million in April.
April saw transactions of Rs 24 lakh crore, down from Rs 24.8 lakh crore the month before. For the twelfth straight month, payments over Rs 20 lakh crore have been recorded. Even though volumes increased by 50.7% annually in April 2024, the growth rate stayed steady at 34.5%. Transaction values increased by 21.9% compared to the same period last year.
FASTag payments, which are utilized for parking and toll collection, also had higher daily transaction volumes (12.75 million) than the previous month (12.2 million), which is indicative of the nation’s expanding economic activity.
FASTag transactions increased by a healthy 17% from the previous month’s 12% increase. From Rs 219 crore in March, the total value of these trades increased to Rs 227 crore.
In addition, daily volumes for IMPS, another payment method run by NPCI, which also runs UPI, increased to 14.98 million from 14.89 million in March.
To improve user experience and cut down on delays, the NPCI has tightened response times for UPI transactions. The NPCI instructed banks and payment applications to adopt faster processing criteria for all UPI services starting on June 16 of this year in a circular dated April 26.
The measure attempts to reduce reversals, transaction verification, and payment processing delays. All participating entities have received advice from NPCI to make sure that these accelerated timescales don’t result in more technical declines or service interruptions.
According to the NPCI circular, the updated response time for request pay and response pay (debit and credit) would be 15 seconds rather than the previous 30 seconds.
The current response time for transaction reversal is 30 seconds; this will be lowered to 10 seconds.
The response time will now be 10 seconds rather than 15 seconds in case someone wishes to verify the address.