News Technology UPI transactions skyrocket 49 per cent per year, reaching 13.89 billion in June 2024

UPI transactions skyrocket 49 per cent per year, reaching 13.89 billion in June 2024

This year in June, the UPI hit a record 13.89 billion transactions, marking a 49 per cent increase year-on-year, as per the National Payments Corporation of India (NPCI). Despite the growth in transaction count, the transaction volume slightly decreased to Rs 20.07 lakh crore, down 1.9 per cent.

UPI Image Source : REUTERSUPI

The Unified Payments Interface, commonly known as UPI- is used for online transactions and reached 13.89 billion in June 2024, surging 49 per cent on a year-on-year (YoY) basis, data by the National Payments Corporation of India (NPCI) showcased on Monday. The transaction volume in June stood at Rs 20.07 lakh crore, 1.9 per cent lower than Rs 20.45 lakh crore in May. On a YoY basis, the transaction volume surged 36 per cent.

The average daily transaction amount reached Rs 66,903 crore while the average daily transaction count was at 463 million in June. The UPI numbers in May were the highest in terms of value and volume since the UPI came into existence in 2016.

In June, the Immediate Payment Service (IMPS) transaction volume was down by 7 per cent at 517 million, as compared to 558 million in May.

Aadhaar Enabled Payment System (AePS) was up by 11 per cent in volume to 100 million in June as against 90 million in May and 95 million in April.

Earlier in the day, the Reserve Bank of India (RBI) joined Project Nexus with the four ASEAN countries to create a platform to facilitate instantaneous cross-border retail payments.

Nexus, conceptualised by the Innovation Hub of the Bank for International Settlements (BIS), aims to connect India’s UPI with the fast payment systems of ASEAN members- Malaysia, Singapore, Philippines and Thailand.

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Inputs from IANS