UPI transaction value jumps 35% to ₹20.64 lakh cr in July: NPCI

Transactions conducted via Unified Payment Interface (UPI) saw year-on-year (YoY) growth, with a 45% rise in volume and a 35% surge in value in July 2024, according to data released by the National Payments Corporation of India (NPCI) on August 1. UPI transactions value surged to ₹20.64 lakh crore in July 2024 from ₹20.07 lakh crore in June. It remained above ₹20 lakh crore for the third consecutive month in July. The average daily transaction volume rose to 466 million in July from 463 million in the previous month, although the daily transaction value decreased to ₹66,590 crore from ₹66,903 crore in June. Transaction volume for the digital payment service reached 14.44 billion in July, up from 13.89 billion the previous month.

Conversely, Aadhaar-enabled payment system (AePS) transactions declined, with volume falling to 97 million in July from over 100 million in June. Daily AePS volumes also decreased to 3.12 million in July from 3.33 million the previous month, and the transaction amount dropped to ₹24,218 crore in July from ₹25,122 crore in June. The average transaction size decreased to ₹781 crore daily in July, down from ₹837 crore in June.

FASTag transactions saw a decline for the second month in a row, with average daily transactions dropping to 10.41 million from 11.15 million in June. However, compared to the previous year, volumes were up by 9% amounting to 323 million in July and values by 12% amounting to ₹5,578 crore. The average daily transaction value for FASTag was ₹180 crore in July, down from ₹193 crore in June. FASTag transactions in May were recorded at 347 million in volume and ₹5,908 crore in value.

IMPS (Immediate Payment Service) transactions saw a second consecutive month of decline, with daily volumes falling to 16 million in July from 17 million in June, and transaction value slightly decreasing to ₹19,135 crore from ₹19,260 crore in June. IMPS transactions, when compared with the previous year, saw volumes increase by 0.12% to 490 million and values rise by 16% to ₹5.93 lakh crore in July.

The IMPS transaction count in June 2024 reached 517 million, marking a 10.39% YoY increase, with the transaction value rising to ₹5.78 lakh crore, up 15% from the previous year. The average daily transaction count for June was 17 million, with a recorded value of ₹19,260 crore. In May 2024, IMPS transactions totaled 558 million, and the value reached ₹6.06 lakh crore.