The number of transactions on the unified payments interface (UPI) platform rose 49% year-on-year (y-o-y) to 13.9 billion in June, latest data from the National Payments Corporation of India (NPCI) showed. The transaction volume in June was marginally lower than 14 billion in May due to the lesser number of days in June.
The transaction value rose 36% y-o-y to Rs 20.1 trillion. The value of UPI transactions had risen 37% y-o-y to Rs 20.4 trillion in May.
According to data from the NPCI, the average daily transaction count was 463 million in Jun and the average daily amount was Rs 66,903 crore.
In terms of other key metrics, monthly volumes on Aadhaar-enabled payment systems rose 4% y-o-y to 100 million. The transaction amount fell 5% y-o-y to Rs 25,122 crore in June. The average daily transaction count clocked 3.3 million and the average daily transaction amount was Rs 837 crore.
The Immediate Mobile Payments Services (IMPS) rose 10% y-o-y to 517 million. The value of transactions on IMPS rose 15% y-o-y to Rs 5.8 trillion. The average daily transaction count was 17.2 million and average daily transaction amount was Rs 19,260 crore.
The NETC FASTag monthly volumes rose 6% y-o-y 334 million in June. The value of transactions rose 11% y-o-y to Rs 5,780 crore.
The growth in UPI transactions have been fuelled by the RuPay credit card on UPI, and the launch of UPI in foreign countries via NPCI International Payments.
In a recent event, RBI governor Shaktikanta Das said that India accounts for nearly 46% of the world’s digital transactions.
