UPI Transactions Dip Marginally To 17.89 Bn In April Month

The Unified Payments Interface (UPI) processed 17.89 billion transactions in April, a slight 2.24% decrease from March's 18.30 billion. 

The total transaction value also dropped by 3.3%, amounting to Rs 23.95 lakh crore in April, compared to Rs 24.77 lakh crore the previous month.

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Despite this small decline, there was strong year-on-year growth. April saw a 34% increase in transaction count and a 22% rise in transaction value compared to the same month last year.

Data from the National Payments Corporation of India (NPCI) shows the average daily transaction count for April was 596 million, up from 590 million in March. 

The average daily transaction value also slightly increased to Rs 79,831 crore, compared to Rs 79,910 crore in March.

Since April had 30 days while March had 31, adding one day's average daily transaction volume to April would make it on par with March's total. 

The small dip in April is likely due to fewer business days and possibly the stabilization after the financial year-end rush in March.

PhonePe remained the top UPI app in March, followed by Google Pay, Paytm, Navi, and Super.money. PhonePe led with 47.25% of the market, processing 8.64 billion transactions, while Google Pay held 36.04% with 6.59 billion transactions. Together, they controlled over 83% of UPI transactions.

In a recent update, the Indian government approved a new Rs 1,500 crore scheme to encourage small merchants to use digital payments via the BHIM-UPI platform.

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