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Daily Unified Payments Interface (UPI) transactions in the country closed in on the 600-million mark in April, rising to 596 million from 590 million in the previous month, data released by the government on May 1 shows.

The value of the daily transactions through the instant payments system continued to hover near the Rs 80,000-crore mark for a second consecutive month, though they dipped slightly during the month.

Transactions worth Rs 24 lakh crore were done in April, down from Rs 24.8 lakh crore in the previous month.

Unified Payments Interface recorded 17.9 billion transactions in the month compared with 18.3 billion in the previous month, as the value of transactions remained above the Rs 20 lakh crore for a twelfth consecutive month.

The pace of transaction growth remained healthy at 34.5 percent, despite a 50.7 percent annualised increase in volumes in April 2024.

Value of transactions rose 21.9 percent in April.

Daily transaction volumes were also higher for FASTag payments, used for parking and toll collection, at 12.75 million compared with 12.2 million the previous month.

FASTag transactions rose 17 percent compared with 12 percent the previous month.

Total transactions worth Rs 227 crore were conducted using the medium, up from Rs 219 crore in March.

The monthly transaction volume was Rs 6,801 crore in the month, with 383 million transactions occurring in April.

Daily volumes for IMPS, another payment medium under the aegis of National Payments Corporation of India, were also higher at 14.98 million from 14.89 million in March.

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