In the dynamic landscape of financial transactions, the 20th of November 2023 reflected a bustling day in India’s payment ecosystem, marked by notable figures across various transaction platforms. The statistics for different payment modes showcase a substantial volume of transactions, indicative of the ever-evolving digital payments landscape and the increasing preference for cashless transactions among users.
Aadhaar Enabled Payment System (AEPS)
Transaction Value: INR 1,032.16 Crore
Transaction Count: 4.01 Million
Unified Payments Interface (UPI)
Transaction Value: INR 56,077.71 Crore
Transaction Count: 356.32 Million
Immediate Payment Service (IMPS)
Transaction Value: INR 17,353.41 Crore
Transaction Count: 15.52 Million
National Electronic Toll Collection (NETC)
Transaction Value: INR 167.67 Crore
Transaction Count: 10.56 Million
The significant transaction volumes across these various platforms underscore the growing reliance on digital payment methods across India. The Aadhaar Enabled Payment System (AEPS), leveraging the Aadhaar infrastructure, recorded transactions amounting to over INR 1,032.16 Crore, executed through 4.01 million transactions. This platform, known for its accessibility and ease of use, has continued to facilitate financial inclusion, catering to a diverse range of users.
Meanwhile, the Unified Payments Interface (UPI), the widely acclaimed and user-friendly payment platform, exhibited remarkable figures with transactions soaring to a staggering value of INR 56,077.71 Crore across 356.32 million transactions. This surge reaffirms the popularity of UPI as a preferred mode for peer-to-peer payments, bill settlements, and various other transactions due to its seamless and instant transfer capabilities.
In parallel, the Immediate Payment Service (IMPS) recorded transactions worth INR 17,353.41 Crore, constituting 15.52 million transactions. IMPS, known for its real-time fund transfer feature, continues to serve as a reliable platform for swift and secure money transfers.
Furthermore, the National Electronic Toll Collection (NETC) showcased substantial activity, with transactions reaching INR 167.67 Crore, spanning 10.56 million transactions. NETC, instrumental in streamlining toll payments through RFID-based technology, illustrates its significant role in expediting toll collection processes across national highways.
These robust figures paint a vivid picture of India’s accelerated transition towards a cashless economy. The surge in digital transactions signifies the increasing trust and adoption of digital payment platforms among individuals, businesses, and various entities. As digital payment ecosystems evolve, these statistics stand as a testament to India’s ongoing journey towards a more inclusive, secure, and efficient financial landscape, driven by innovative and accessible payment solutions.