Transactions on unified payments interface (UPI) fell slightly to 9.3 billion in June, data from the National Payments Corporation of India showed. While transaction volume had clocked the 9.4 billion mark in May, experts attribute the dip in June to there being one less day in the month.
The transactions volume rose 59% y-o-y in June and transactions value rose 45% y-o-y to Rs 14.8 trillion. Transaction value had hit 14.9 trillion in May.
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In 2022-23(April-March), the platform carried out 84 billion transactions, accounting to about Rs 139.1 trillion.
The growth in UPI transactions can be attributed to the fact that customers are increasingly using the payments network to make utility payments. It has also been aided by the launch of various new products like UPI Lite, and RuPay credit card on UPI.
In its latest financial stability report, Reserve Bank of India (RBI) said that it is looking to leverage its domestic payment systems through bilateral interlinkages with other countries interested to establish such inter-linkages.
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The interlinking of fast payment system between UPI and PayNow (Singapore) in February 2023 has created digital infrastructure for instant digital payments and funds transfer between the two countries.