The first time the instant payment system in India reached the 10billion mark in August, India's instant payment system Unified Payment Interface showed a slight drop in September, recording 10.56 billion transactions. This fell 0.2 per cent from 10.58bn in August, down from 10.58bn in August. In value terms, it was marginally up, rising 0.3 per cent to Rs. 15.8 trillion from Rs. 15.76 trillion in August.
This represents a 56 percent increase in volume and a 41 percent increase in value compared to the previous year, according to data from the National Payments Corporation of India. NPCI has processed 16.7808 billion transactions worth Rs11.16 trillion in September 2022. In July 2023, the figures remained at 9.96 billion transactions and Rs 15.34 trillion in value.
Immediate Payment Service transactions were recorded at 473 million in volume and Rs.5.07 trillion in value, according to NPCI data. This was a drop of 3.3 per cent in volume and 1.4 per cent in value compared to 489 million transactions and Rs. 5.14 trillion in August. These were 489 million transactions and Rs. 5.12 trillion in value in July 2023. The IMPS figures were 2 per cent higher in volume and 12 per cent higher in value compared to the same month in the previous year.
The month marked a 3 per cent drop in volume to 299 million, compared to 308 million in September 2022. In terms of value, this was a 2 per cent decrease from Rs. 5175 in August to Rs. 5089 in September. This segment experienced a 15 per cent increase in volume and a 20 per cent increase in value year-on-year. In July 2023, the numbers were 295 million transactions with a value of Rs. 4,981 crore.
In September, the Aadhaar enabled payment system saw a 6 per cent decrease in volume from 107 million in August to 101 million in September. In value terms, this was Rs.25,984 crore, a 6 per cent drop compared to Rs. 27,500 crore in August 2023. It was Rs 29,471 crore in July, with 109 million transactions. On a year-on-year basis, the AePS figures were down, with a 1.9 percent decrease in volume and a 2.6 percent decrease in value.