The number of daily Unified Payments Interface (UPI) transactions in India climbed to 596 million in April, up from 590 million recorded in March, according to data released on Thursday by the National Payments Corporation of India (NPCI).
Despite a slight dip in the overall transaction value—from ₹24.8 lakh crore in March to ₹24 lakh crore in April—the volume surge marks the twelfth consecutive month of payments exceeding ₹20 lakh crore.
Year-on-year growth remained robust, with the number of transactions increasing by 50.7 percent and the total value of transactions rising by 21.9 percent compared to April 2023.
FASTag payments, widely used for toll and parking transactions, also witnessed an uptick. Daily volumes rose to 12.75 million in April, up from 12.2 million the previous month. The total value of FASTag transactions increased to ₹227 crore from ₹219 crore, registering a 17 percent monthly growth—higher than the 12 percent rise seen in March.
The Immediate Payment Service (IMPS), another key payment platform operated under the NPCI, also reported a rise in daily volumes to 14.98 million from 14.89 million in March.
To further enhance user experience and reduce delays, the NPCI has revised its response time standards for UPI transactions. In a circular issued on April 26, the corporation directed banks and payment apps to implement faster processing timelines across various UPI services, effective June 16.
Under the new norms, the response time for both debit and credit transactions will be cut from 30 seconds to 15 seconds. Reversals, which currently take up to 30 seconds, will now be processed within 10 seconds. Additionally, address validations must be completed in 10 seconds, down from the earlier 15-second limit.
The NPCI has urged all participating entities to ensure that these new benchmarks do not result in increased technical failures or service disruptions, as the digital payments ecosystem continues to expand rapidly.
-IANS
