How did IMPS perform in February?

IMPS transaction volume declined by 10% to 336 million in February, with its value decreasing by 4% to Rs 6.42 trillion.

What is the outlook for digital payments in India?

Experts note that digital payments, particularly UPI, are becoming core infrastructure, showing resilience and structural permanence despite short-term monthly moderation.

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India's Digital Payments Show Resilience Despite February Dip

Q: What was the trend for UPI transactions in February?

UPI transactions in February saw a 6% dip in volume and a 5% dip in value compared to January, reaching 20.39 billion transactions worth Rs 26.84 trillion.

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Summary

UPI transactions saw a 6% dip in volume and 5% in value during February.
IMPS volume declined by 10% to 336 million transactions in February.
Experts note digital payments are now core infrastructure, not just a growth story.

India's Digital Payments Show Resilience Despite February Dip

Digital payment systems in India experienced a noticeable moderation in February. Unified Payments Interface (UPI) transactions saw a 6% decrease in volume and a 5% dip in value compared to January, reaching 20.39 billion transactions worth Rs 26.84 trillion. This slowdown was partly attributed to fewer days in February.

Immediate Payment Service (IMPS) also reported a decline, with transaction volume down 10% to 336 million and value decreasing by 4% to Rs 6.42 trillion. Similarly, FASTag transactions fell by 6% in volume and 4% in value. Aadhaar Enabled Payment System (AePS) saw a 9% drop in transactions.