Value of UPI transactions fell 2 percent to Rs 20.07 trillion in June

Official data from the National Payments Corporation of India (NPCI) on Monday showed that transactions via the Unified Payment Interface (UPI) saw a slight decline in volume and value in June compared to May.

UPI transactions in June saw a slight decline of 1 percent in volume and 2 percent in value over May. In May, UPI transactions hit a new high when 14.04 billion transactions worth Rs 20.45 trillion were processed, Business Standard reported.

In June 2024, UPI transaction volume reached Rs 13.89 billion with a value of Rs 20.07 trillion. This increase represented a jump of 49 percent in volume and a 36 percent increase in value compared to the corresponding month last year.

The May 2024 figures were the highest in terms of value and volume since the introduction of UPIs in April 2016.

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The data showed that Instant Payment Service (IMPS) transaction volume declined 7 percent to 517 million in June, compared to 558 million in May. In value terms, IMPS transactions declined 5 percent to Rp5.78 trillion in the month under review, compared to Rp6.06 trillion in the previous month this year.

Transaction volume reached Rs 550 million and Rs 5.92 trillion in value in April. The June data increased by 10 percent in volume and 15 percent in value compared to the same month last year.

FASTag transactions also declined by 4 percent during the month to reach 334 million, compared to 347 million in the previous month. In value terms, transactions declined by 2 percent to Rs 5,780 million in June, compared to Rs 5,908 million in May.

By early April, FASTag transactions reached 328 million, valued at Rs 5,592 crore.

Aadhaar Enabled Payment System (AePS) volume increased 11 percent to 100 million in June, up from 90 million in May and 95 million in April. In value terms, AePS transactions increased 7 percent to Rs 25,122 crore in the month under review, up from Rs 23,417 crore in the previous month.