UPI Transactions Surge 49% Year On Year in June
Data from the National Payments Corporation of India (NPCI) on Monday revealed that UPI-based transactions soared to 13.89 billion in June, marking a substantial 49% increase year-on-year. Despite this surge, transaction volume in June totaled Rs 20.07 lakh crore, showing a slight dip of 1.9% from May’s Rs 20.45 lakh crore.
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Comparing year-on-year figures, transaction volume surged by 36%. The average daily transaction amount peaked at Rs 66,903 crore, with an average daily transaction count of 463 million throughout June. Notably, May saw record-high UPI numbers since its inception in 2016, both in terms of value and volume.
Meanwhile, Immediate Payment Service (IMPS) transactions declined by 7% to 517 million in June from 558 million in May. Conversely, Aadhaar Enabled Payment System (AePS) transactions rose by 11% to 100 million in June, up from 90 million in May and 95 million in April.
Earlier in the day, the Reserve Bank of India (RBI) joined Project Nexus, an initiative with four ASEAN countries, aimed at facilitating instant cross-border retail payments. This collaboration, driven by the Bank for International Settlements (BIS) Innovation Hub, aims to integrate India’s UPI with the fast payment systems of ASEAN members including Malaysia, Philippines, Singapore, and Thailand.
