Payments transactions done via the UPI (Unified Payments Interface) network fell 1.7 per cent in November to ₹11.9 lakh crore, with the volume of transactions remaining flat from the previous month at 730 crores, according to data by NPCI (National Payments Corporation of India).
The fall in the volumewas largely owing to a large base in the last two months which saw heightened spending led by festival season demand, industry players said.
Volumes continued to be higher than the September level of ₹11.2 lakh crore, reflecting the popularity of the medium and the fact that network transactions continue to grow, they added.
The last time the UPI transactions had reduced was in June when their value had fallen to ₹10.1 lakh crore from ₹10.4lakh crore. The number of transactions processed too had then fallen to 586 crore from 596 crore in May.
In FY23 so far, the UPI platform has processed 5,165 crore transactions worth Rs 86.9 lakh crore. In comparison, UPI had processed 4,597 crore transactions amounting to ₹84 lakh crore in FY22.
Data by NPCI also showed that transactions via the AePS (Aadhar-enabled payments service) platform fell to ₹26,058 crore in November from ₹31,113 crore in the previous month, and also lower than ₹26,666 crore in September.
In terms of volume, the number of AePS transactions fell to a multi-month low of 9.6 crore from 11.8 crore in October. Transactions processed in September had stood at 10.3 crore and at 10.6 crore in August.