New Delhi
India saw a rise in daily Unified Payments Interface (UPI) transactions in April, reaching 596 million, compared to 590 million in March. Though the number increased, the total transaction value slightly fell to ₹24 lakh crore from ₹24.8 lakh crore the previous month, according to the National Payments Corporation of India (NPCI).
This marks the 12th month in a row that UPI transactions have crossed ₹20 lakh crore in value. Compared to last year, April saw a 21.9% increase in transaction value and a 50.7% growth in the number of payments, showing strong digital payment adoption.
FASTag payments also grew, with daily volumes rising to 12.75 million in April from 12.2 million in March. FASTag is used for tolls and parking. Its value also increased to ₹227 crore, up from ₹219 crore. The growth rate for FASTag transactions was a healthy 17%, reflecting the country's rising economic activity.
Instant payment service (IMPS) volumes also went up slightly to 14.98 million per day, compared to 14.89 million in March.
NPCI has now ordered quicker response times for UPI services. From June 16, response time for payments will be cut from 30 seconds to 15 seconds. Reversal times will drop from 30 seconds to 10 seconds. For address validation, response time will be reduced from 15 seconds to 10 seconds.
These changes aim to improve user experience and reduce transaction delays, without causing service errors.
