According to a Worldline report released on Tuesday, P2M transactions in the country are expected to account for 75% of all UPI transactions by 2025.
The UPI transactions shot to a fresh peak in value in November by hitting Rs 17.4 trillion, up 1.4 per cent as compared to Rs 17.16 trillion in October. However, there was a reduction in transactions by 1.5 per cent to 11.24 billion, compared to a record high of 11.41 billion in October.
In September, the number of transactions was 10.56 billion in September, with a value of Rs 15.8 trillion.
NPCI data said that this was 54 per cent higher in volume terms and 46 per cent in value terms compared to the same month last year.
According to the NPCI data, IMPS transaction volume was down by 4 per cent to 472 million in November, compared to 493 million in October and 473 million in September.
In value terms, the November figure was marginally down to Rs 5.35 trillion as compared to Rs 5.38 trillion in October. In September 2023, IMPS was seen at Rs 5.07 trillion in value.
Also, the Aadhaar Enabled Payment System (AePS) in November was up by 10 per cent at 110 million versus 100 million in October.
In value terms, this was up by 14 pc to Rs 29,640 crore in November, as compared to Rs 25,973 crore in October marking 15 pc spike in volume and 14 pc in value terms as compared to the same month last year. In September 2023, this was 101 million and Rs 25,984 crore respectively.
Data further showed the FASTag transactions in November increased marginally to 321 million compared to 320 million in October.
The value of FASTag transactions was seen at Rs 5,303 crore, down 4 per cent from Rs 5,539 crore in October.
On Thursday, India registered a spike in GDP for Q2 to 7.6 per cent. Post this development, the economists raised their full-year projections for India’s economy sharply.
Barclays Plc and Citigroup Inc predict the economy will now expand 6.7 pc in the fiscal year ending in March, up from previous forecasts of 6.3 pc and 6.2 pc, respectively.
India registered a GDP growth of 7.6 pc for the July-September quarter which is much higher than the projection of the Reserve Bank of India’s Monetary Policy Committee (MPC) last month.