UPI Transaction Volume Falls

Transaction value declined 4 per cent to Rs 24.04 trillion, compared to Rs 25.14 trillion in May.

Transactions in June grew 32 per cent from the year before and their value was up 20 per cent, according to data provided by National Payments Corporation of India on Tuesday.

The number of daily transactions increased from 602 million in May to 613 million in June this year. The value of daily transactions fell to Rs 80,131 crore in June, from Rs 81,106 crore in May.

In June Immediate Payment Service (IMPS) transactions were at 448 million, down 3 per cent from 464 million in May. In value terms, this was a 5 per cent decline to Rs 6.06 trillion in June, from Rs 6.41 trillion in May.

There were 449 million IMPS transactions in April and they were valued at Rs 6.22 trillion.

IMPS transactions in June declined 13 per cent and grew 5 per cent in value from the year before.

The number of daily transactions dipped from 14.96 million to 14.94 million between May and June this year, leading to a drop in daily value from Rs 20,673 crore to Rs 20,212 crore.

"India's digital payment ecosystem continues to defy global benchmarks, reflecting a collective behavioural shift towards a cashless economy driven by convenience, interoperability, and trust. As India advances to the second stage of digital maturity, it stands at a critical juncture to establish a payment ecosystem that is not only scalable but also sustainable, resilient, and equitable in the long term," said Kunal Jhunjhunwala, founder, Airpay Payment Services.

The number of FASTag transactions witnessed a decline of 4 per cent to 386 million in June, from 404 million in May. Their value dropped 4 per cent from Rs 7,087 crore in May to Rs 6,793 crore in June.

-- Shine Jacob, Business Standard