Unified Payments Interface (UPI) transactions experienced a slight decline in June, dropping 1% month-on-month to 13.89 billion from 14.04 billion in May. Despite this, the year-on-year growth in transaction count and volume remains strong, reflecting the continued adoption of UPI in India’s digital payments landscape.
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- UPI transactions fell 1% month-on-month to 13.89 billion in June.
- Transaction count in May was 14.04 billion.
- Year-on-year, transaction count surged by 49%.
- June transaction volume stood at INR 20.07 lakh crore, down 1.9% from May.
- May’s transaction volume was INR 20.45 lakh crore.
- Year-on-year, transaction volume increased by 36%.
- RBI Governor Shaktikanta Das highlighted India’s significant role in global digital transactions.
- UPI’s share in digital payments reached close to 80% in 2023.
- PhonePe led the UPI ecosystem with a 48.87% market share in April.
- Google Pay and Paytm held second and third positions with 37.5% and 8.3% market shares, respectively.
The Indian payment infrastructure’s success has extended beyond national borders, with the NPCI and the government promoting UPI adoption through innovative features and services.
