Total UPI transactions rise to 754.5M in June, value transacted on the network falls
This is a minor increase (close to three percent) from the month of May when the total UPI transactions in the country stood at 733.54 million (73.35 crore).
According to data released by Indian retail payments organisation National Payments Corporation of India (NPCI), the total Unified Payments Interface (UPI) transactions in the country stood at 754.54 million (75.45 crores) in the month of June.
This is a minor increase (close to three percent) from the month of May when the total UPI transactions in the country stood at 733.54 million (73.35 crore). However, it is still a (3.5 percent) decline from the month of April when UPI transactions in the country stood at 781.79 million (78.17 crore).
However, while the transaction count improved, what was surprising is that the total value of UPI transactions fell in the month of June to Rs 1.46 lakh crore from Rs 1.52 lakh crore in May.
With this, the average transaction value of a UPI transaction stands at Rs 1,942.45 for the month of June. Last month the average value of UPI transactions had crossed the Rs 2,000 mark.
While there was a slight improvement in UPI transactions, NPCI’s other payment infrastructure, IMPS (Immediate Payment Service), and NETC (National Electronic Toll Collection), saw a decline in total transactions.
In June, the total number of transactions on IMPS stood at 171.33 million (17.13 crore), versus 183.33 million (18.33 crore) in the month of May. Even the total transaction value on IMPS fell to Rs 1.73 lakh crore in June from Rs 1.80 lakh crore in the month of May, this year.
While, NETC transactions in the country declined from 27.52 million (2.752 crore) in May to 26.61 million (2.66 crore) transactions in June. The transaction value on NETC network also declined to Rs 596.18 crore in the month of June.
While just like UPI, AePS (Aadhaar Enabled Payment System) transactions in the country also improved to 194.33 million (19.43 crore) in June from 192.11 million (19.21 crore) in May, this year.
Tarush is driven towards delivering unbiased and accurate reportage while engaging with as many mediums as possible to narrate a fresh perspective. Working for the past few years in the digital space with YourStory, he has covered the Indian technology ecosystem extensively, focusing on new age Fintech companies, while building strong connects within the industry.