UPI transactions dip 1% in June as value crosses ₹20 lakh cr again

The transactions done via Unified Payment Interface (UPI) saw a 2% drop in value and 1% drop in volume in June 2024 as compared to May 2024 even as the total transaction value crossed the ₹20 lakh-crore mark again, according to the latest data shared by the National Payments Corporation of India (NPCI). June saw 49% growth on a year-on-year in transaction count at 13.8 billion, while the growth was 36% in value term at ₹20.07 lakh crore. The average daily transaction count for June stood at 463 million, amounting to ₹66,903 crore average daily transaction amount.

In May 2024, the number of transactions done via UPI stood at 14.04 billion, up 49% YoY, while the value stood at ₹20.45 lakh crore, up 37% YoY. Overall, a total of 453 million average daily transactions were counted in the month, valuing these transactions at ₹65,966 crore on average. The April transaction count stood at 13.30 billion, with total values hitting ₹19.64 lakh crore.

Continuing the addition of features in the UPI ecosystem, the RBI last month introduced an auto-replenishment of the UPI Lite wallet by bringing it within the ambit of the e-mandate framework. With this, a user's UPI Lite wallet will automatically load a certain amount if the balance goes below a threshold amount set. The UPI Lite facility currently allows a customer to load up to ₹2,000 and make payments up to ₹500 from the wallet. These measures are expected to boost UPI transactions further in the country.

The IMPS monthly volume also declined in June to 517 million as compared to May, with the overall transaction value dipping to ₹5.78 lakh crore. The year-on-year growth in volume and value term stood at 10% and 15%, respectively. The average daily transaction count stood at 17.23 million, with the value hitting ₹19,260 crore in June 2024, the NPCI data shows.

In May 2024, the IMPS transaction count was 558 million, up 12% YoY, which saw the value hitting ₹6.06 lakh crore, up 18% YoY. The average transaction count stood at 17.99 million in May 2024, with the value hitting ₹19,554 crore. The IMPS transaction count was 550 million in April, and the value hit 5.92 lakh crore.

The NETC (National Electronic Toll Collection) FASTag monthly volumes also dipped to 334 million in June 2024 compared to May at 347 million. The FASTag transactions in value dipped to ₹5,780 crore in the said month from ₹5,890.8 crore in May 2024. The FASTag transactions in volume and value term in April was recorded at 328 million and ₹5,592 crore, respectively.

Aadhaar Enabled Payment System (AePS) transactions surged in both volume and value in June at a 100 million transaction count, hitting ₹25,122 crore in value, down 4% YoY.

The average daily transactions surged to 3.33 million per day, with the average transactions at ₹837 crore. The transaction volume was 90 million in May 2024, with a value hitting ₹23,417 crore and an average volume of 2.91 million per day. In April, the transaction count stood at 94 million, with the value hit ₹25,172 crore.