The Unified Payments Interface (UPI) channel grew 11% month-on-month (m-o-m) in terms of the aggregate value of transactions in June, even as other digital payment systems either remained flat or saw a decline in transaction value. The aggregate value of UPI transactions during June stood at Rs 3,070 crore, according to representative data released by the Reserve Bank of India (RBI). The worst slip was in the wallets and other prepaid payment instruments (PPIs) category. PPIs issued by eight non-banks clocked Rs 2,280 crore, down 9.7% from May, on 80.1 million transactions, as against 10.2 million transactions recorded on the UPI channel. This brings the average ticket-size of a UPI transaction to about Rs 3,010, slightly higher than Rs 3,006 in May, while that of a wallet transaction works out to about Rs 285, up from Rs 277 in May. The average value of a UPI transaction is typically higher than that of a wallet transaction because use of the former channel has so far been limited to peer-to-peer payments, while wallets are more commonly used to make small-value payments to merchants.
All other modes of retail digital payments showed insignificant change in value terms during June. The value of transactions at point-of-sale (PoS) machines grew 1% month-on-month to Rs 45,540 crore. Data for PoS transactions are sourced from four banks.
The value of transactions made through the Immediate Payment System (IMPS) rose 1.9% to Rs 59,650 crore. The Unstructured Supplementary Service Data (USSD) channel, which had reversed its three-month-long slide in May, slipped over 1% month-on-month to Rs 31.33 crore.