UPI transactions touches Rs 18.41 lakh crore in January, shows NPCI data

UPI

Transactions of Unified Payment Interface (UPI) in value terms touched Rs 18.41 lakh crore as on January 31, according to the data shared by the National Payment Corporation of India (NPCI) showed.

The transaction in value terms rises around 1 percent on a monthly basis. In December, transaction was in value stood at Rs 18.23 lakh crore. Data shared by NPCI also showed, transactions in volume rose to 1,220.301 crore as on January 31, as compare to 1202.023 crore in December.

On a yearly basis, the transactions of UPI in value terms was higher 41.72 percent and in vole terms it was higher 51.81 percent.

In January, FASTag transaction in value terms stood at Rs 5,559.91 crore and in volume terms it stood at 33.138 crore.

Immediate Payment Service (IMPS) transaction in January fell 0.7 percent to Rs 5.67 lakh crore. In December 2023, it stood at Rs 5.7 lakh crore.

Transactions of IMPS in volume terms stood at 50.879 crore in January 2024, as compared to 49.879 crore in December 2023.

In January, Aadhaar Enabled Payment System (AePS) in value stood at Rs 22,350.88 crore and in volume terms it stood at 8.396 crore.

Earlier today, NPCI International Payments Limited (NIPL) announced partnership with Lyra, a French leader in securing e-commerce and proximity payments, to accept Unified Payments Interface (UPI) payment mechanism in France starting with the iconic Eiffel Tower.

The official announcement was made in Paris at an event organized by the Indian Embassy in France to celebrate the Republic Day of India, release said.

“We aim at actively collaborating with financial institutions worldwide to establish partnerships and provide consumers with convenient and secure cross-border payment solutions. Through this strategic partnership with Lyra, we have taken another step forward towards this goal,” said Ritesh Shukla, CEO of NIPL.

With this development, Indian tourists can make secure online transactions by simply using their UPI powered apps to scan QR code generated on the merchant website and initiate a payment, release said.