UPI April 2025 Dip: Seasonal Slide, IMPS and AePS Trends
Why in the news
April payment data showed UPI easing a little after March, which analysts called a calendar effect.
Key facts
- UPI: dip came after fiscal year-end settlements lifted March; daily volume stayed near 590-596 million.
- IMPS: volume -3%, value -7%; losing share as UPI adds uses such as credit cards on UPI and UPI for MSMEs.
- AePS: volume -16%, value -13% on the month, but +2% and +6% over the year.
- AePS is rural-focused and swings with MNREGA cycles, subsidy payouts and farm seasons.
| Channel | Volume | Value |
|---|---|---|
| UPI, month-on-month | -2% | -3% |
| UPI, year-on-year | +34% | +22% |
| AePS, year-on-year | +2% | +6% |
Exam angle
- Seasonal versus structural: April’s dip was not structural.
- Rural-linked channel: AePS.