UPI transactions dropped 1% in volume, 1.8% in value in June 2024
UPI transactions reached a record high of 14.04 billion in May 2024, reflecting a 49% YoY growth in volume and 36% YoY growth in value to Rs 20.45 lakh crore, according to NCPI.
June 2024 saw a slight dip in Unified Payments Interface (UPI) transactions compared to May 2024, which recorded the highest-ever transactions in terms of total value and volume.
There was a 1% decrease in June 2024 volumes, with 13.89 billion transactions processed, while the total value of transactions decreased by 1.8% to Rs 20.07 lakh crore, according to the National Payments Corporation of India (NPCI).
UPI payments volumes reached 14.04 billion transactions in May 2024, surging 49% year-over-year (YoY) in terms of volume and 36% YoY in terms of value to Rs 20.45 lakh crore. This marks the highest volume and value of transactions processed by UPI since its launch in April 2016, according to the NPCI.
Similarly, FASTag transactions also fell by 4% in June, with 334 million transactions compared to 347 million in May. The value of FASTag transactions also decreased by 2%, reaching Rs 5,780 crore in June from Rs 5,908 crore in May.
The Immediate Payment Service (IMPS) also experienced a 7% decline in transaction volume in June, dropping to 517 million from 558 million in May. In monetary terms, IMPS transactions decreased by 5%, totalling Rs 5.78 trillion in June compared to Rs 6.06 trillion in May.
Edited by Jyoti Narayan