UPI-Based Transactions Surge 49% YoY, Reach 13.89 Billion in June: NPCI Data

New Delhi, July 1: The Unified Payments Interface (UPI)-based transactions reached 13.89 billion in June, surging 49 per cent on a year-on-year (YoY) basis, data by the National Payments Corporation of India (NPCI) showed 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 the month of May were the highest in terms of value and volume since the UPI came into existence in 2016. Flipkart’s Super.Money App Aims to Democratise Access to Financial Services by Leveraging UPI Infrastructure: Founder and CEO Prakash Sikaria.

In June, the Immediate Payment Service (IMPS) transaction volume was down by 7 per cent in June 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. T20 World Cup 2024: ONDC Records 3.7 Lakh Orders in a Single Day During T20 World Cup Final.

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, Philippines, Singapore, and Thailand.

(The above story first appeared on LatestLY on Jul 01, 2024 08:28 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).