Latest news with #AadhaarEnabledPaymentSystem
&w=3840&q=100)
Business Standard
6 days ago
- Business
- Business Standard
UPI numbers hit all-time high in May, cross Rs 25 trn for the first time
Transactions on the Unified Payments Interface (UPI) touched an all-time high of 18.68 billion in volume and ₹25.14 trillion in value in May, the National Payments Corporation of India (NPCI) data revealed on Sunday. The May numbers were up 4 per cent in volume and 5 per cent in value, compared to 17.89 billion and ₹23.95 trillion, respectively in April. The transaction volume also reflects a 33 per cent year-on-year (Y-o-Y) jump, while the value was up 23 per cent. The previous record numbers were in March 2025, when the digital payment system clocked 18.3 billion in volume and ₹24.77 trillion in value. The number of daily transactions too increased from 596 million in April to 602 million in May this year, leading to a rise in value from Rs 79,831 crore in April to Rs 81,106 crore in May. There were 464 million Immediate Payment Service (IMPS) transactions in May, up 3 per cent from 449 million in April. IMPS transactions also climbed 3 per cent in value terms from ₹6.22 trillion in April to ₹6.41 trillion in May. This was seen at 462 million in volume and ₹6.67 trillion in value in March. The numbers in May were down by 17 per cent in volume and up by 6 per cent in value compared to the same period in 2024. The number of daily transactions dipped from 14.98 million to 14.96 million between April and May this year, leading to a drop in daily value from ₹20,722 crore to ₹20,673 crore. On the other hand, the number of FASTag transactions increased by 5 per cent to 404 million in volume during the month under review versus 383 million in April. The value also zoomed 4 per cent to ₹7,087 crore, compared to ₹6,801 crore in April. In March, this was seen at 379 million and Rs 6,800 crore, respectively. The May FASTag numbers were 16 per cent up in volume and 20 per cent in value versus the same month in 2024. The number of daily transactions increased from 12.75 million to 13.05 million, raising the value to around ₹229 crore from ₹227 crore during the same period. During the month under review, the Aadhaar Enabled Payment System (AePS) also jumped 11 per cent to 105 million transactions from 95 million in April. The value of transactions during May this year was ₹28,703 crore, up 8 per cent compared to ₹26,618 crore in April. The number of daily transactions was 3.37 million in volume and ₹926 crore in value, up from 3.18 million and ₹887 crore, respectively in April. AePS saw a 16 per cent increase in volume and 23 per cent in value compared to May 2024.
The Hindu
12-05-2025
- Business
- The Hindu
BCRC seeks remuneration review of Bank Mitras
Business Correspondent Resource Council (BCRC), the industry body representing Bank Mitras, has appealed to the Parliamentary Committee on Finance to review the remuneration of Bank Mitras and sought subsidy on their infrastructure cost. Recently office bearers of BCRC met Bhartruhari Mahtab, Chairperson, Parliamentary Committee on Finance and made a representation. Since Bank Mitras' remuneration is by way of commissions from banks, and the rates for which were set in 2014 and have not been revised since then, a review has been sought. 'The ATM interoperability charges have been recently revised to ₹19, on similar lines, commission structure for AePS (Aadhaar Enabled Payment System) which is used in rural banking, may also be revised,' the BCRC said in the submission. It has urged that a remuneration review committee comprising the Department of Financial Services, financial institutions, NPCI & industry bodies may be set up for a review. Considering Bank Mitras face significant expenses for essential technology upgrades like for laptops, passbook printers and biometric devices, the BCRC has asked the Commission to subsidise supporting infrastructure costs through RBI's Payments Infrastructure Development Fund (PIDF). 'The PIDF is designed to subsidise payment infrastructure in underserved areas, direct PIDF subsidies would be crucial to offset these costs,' it said. Towards systemic strengthening, it has urged for the need for clear accountability guidelines to delineate roles of banks & Bank Mitras in cases of fraud, 'so that genuine agents are not penalised for systemic failures.'
Time of India
06-05-2025
- Business
- Time of India
Fino Payments Bank plans to double Bengal revenue in 3 yrs
1 2 Kolkata: Fino Payments Bank, which deals with customers through grocery merchants, phone and medical stores, plans to double its Bengal market revenue in the next three years. Currently, the bank has around 4 lakh customers in the state and over 1.3 lakh affiliated Gupta, MD and CEO of the bank, said: "In the last fiscal, we saw around 4% revenue growth in the Bengal market and we are planning to double this by 2028. Our overall year-on-year business growth in the state is about 10%."In Bengal, the bank's major business comes from segments like CASA, micro-ATM or Aadhaar Enabled Payment System (AePS) and direct financial transaction (DFT)."The CASA growth in this state is about 3% and business in this segment mostly comes from Kolkata and a few districts. Every month, about 3,000 customers open CASA in Bengal. Our major business is seen in the segment of micro ATM or AePS from Bankura, Birbhum, Burdwan, Malda and Murshidabad," Gupta bank is exploring more networks to expand. "Merchants serve as branches for our offline business. So, our focus area is strengthening this network. We have two branches in Murshidabad and Siliguri. Opening a branch in Kolkata is on our agenda. Overall, we achieved 25% revenue growth — 10% from offline business and 15% from digital banking," he bank has also introduced a referral gold loan operated through merchants.
Business Standard
01-05-2025
- Business
- Business Standard
UPI transaction value dips 3% to ₹23.9 trillion in April, volume dips 2%
Unified Payments Interface (UPI) transactions in April declined by 2 per cent to 17.89 billion, while the transaction value dropped by 3 per cent to ₹23.95 trillion, following a stellar performance in March 2025 driven by year-end sales. In March, the transaction volume stood at 18.30 billion and the value at ₹24.77 trillion, reflecting increases of 14 per cent and 13 per cent, respectively, over February, according to data from the National Payments Corporation of India (NPCI). Notably, April 2025 figures were up 34 per cent in volume and 22 per cent in value compared to the same month last year. 'In May 2025, UPI transactions are expected to continue their upward trajectory, building on the remarkable momentum seen in previous months. Digital payments in India are not only growing — they're becoming fundamental to everyday life,' said Kunal Jhunjhunwala, founder of airpay payment services. Interestingly, the number of daily transactions remained flat at 596 million, with a value of ₹79,831 crore, compared to 590 million and ₹79,910 crore in March. Immediate Payment Service (IMPS) transactions also declined by 3 per cent to 449 million in April from 462 million in March. In February, the number stood at 405 million. In value terms, IMPS registered a 7 per cent drop to ₹6.22 trillion in April, compared to ₹6.68 trillion in March. February saw transactions worth ₹5.63 trillion. 'This steady growth reflects the nation's accelerating transition to a cashless economy, fuelled by rising digital uptake in urban hubs and underserved areas. The general adoption of digital platforms democratises access to financial services and brings transparency, efficiency and empowerment to all levels of society,' Jhunjhunwala added. The number of daily IMPS transactions in April rose to 14.98 million from 14.89 million in March. This translated to a value of ₹20,722 crore in April, compared to ₹21,542 crore in the previous month. Compared to April 2024, volume was down 18 per cent, while value rose by 5 per cent. FASTag transactions rose marginally to 383 million in April 2025 from 379 million in March. The value also edged up to ₹6,801 crore from ₹6,800 crore. In February, there were 384 million transactions amounting to ₹6,601 crore. April's figures reflected a 17 per cent rise in volume and a 22 per cent increase in value compared to April 2024. Daily transactions in April rose to 12.75 million, compared to 12.23 million in March and 13.71 million in February. Daily value also climbed to ₹227 crore from ₹219 crore in March. Aadhaar Enabled Payment System (AePS) transactions dipped 16 per cent to 95 million in April from 113 million in March, but were nearly flat compared to February's 94 million. In value terms, AePS recorded a 13 per cent decline to ₹26,618 crore in April, down from ₹30,539 crore in March. February's value stood at ₹24,410 crore. The number of daily AePS transactions in April was 3.18 million, compared to 3.65 million in March. Year-on-year, AePS transactions rose 2 per cent in volume and 6 per cent in value.
