After a stellar showing by India's flagship payments platform, Unified Payments Interface UPI in October, where the volume of transactions crossed 4.2 billion and the value of those transactions exceeded the $100 billion mark, the platform has continued this momentum in November, with the platform recording 4.18 billion transactions in November, amounting to Rs 7.68 trillion. On a month-on-month basis, both volume and value of transactions fell slightly - 0.71 per cent in volume terms and 0.4 per cent in value terms, given the high base.
In October, the platform hit record highs in terms of value and volume of transactions, aided by festival season spending. In November, the volume of transactions increased by 89 per cent, while the value of transactions went up 96 per cent on a year-on-year basis.
More than 34 billion transactions were processed in the calendar year, a total of Rs 65.39 trillion. The platform processed nearly 27 billion transactions in the fiscal year so far, surpassing the transactions processed in 2020 -- 21 FY 21 in FY 21. The goal is to touch 4042 billion transactions in the current fiscal year 2021 -- 22 the National Payments Corporation of India's Chief Executive Officer Dilip Asbe said. NPCI is the umbrella organisation for retail digital payments in the country.
The adoption of the Covid-19 outbreak has increased, and has seen tremendous adoption since it was launched in 2016. It crossed 1 billion transactions for the first time in October 2019. The next 1 billion dollars came in under a year. UPI processed more than 2 billion transactions for the first time in October 2020. The journey from 2 billion transactions a month to 3 billion was completed in 10 months, indicating the incredible popularity of UPI as a platform for retail digital payments among consumers. It took only three months for the payments platform to reach 4 billion transactions per month, from 3 billion.
The AutoPay feature, which allows recurring payments up to 5,000, will be the next phase of growth in the UPI, according to experts. At a time when recurring payments through cards are seeing huge disruptions due to the transition to the Reserve Bank of India's new guidelines on e-mandates, UPI AutoPay has seen a lot of traction, with mandate registration recording impressive growth. In the past three months, almost 9 million recurring mandates have been registered on the platform.
A popular payments platform, Immediate Payments Service, processed 412 million transactions in November, totaling Rs 3.64 trillion, down 4 per cent in volume terms and 1.64 per cent in value terms. In October, it had reached an all-time high in terms of volume and value of transactions, processing 430.67 million transactions, worth Rs 3.7 trillion.
Toll collection through FASTag recorded 214.13 million transactions, worth Rs 3,177 crore. The platform had recorded 214.23 million transactions in October, a total of Rs 3,356. There are 74 crore.