UPI Transactions Value Breaches Rs 20 Lakh Cr Mark Again

After registering an all-timer the previous month, Unified Payments Interface (UPI) transactions saw a dip of 1 per cent in volume and 2 per cent in value in June. However, it showcased a 49 per cent year-on-year (YoY) growth in volume by processing 13.89 billion transactions which amounted to Rs 20.07 lakh crore during June 2024.

According to the data by the National Payments Corporation of India (NPCI), UPI registered Rs 20.07 lakh crore transaction amount for June which showcased a 36 per cent YoY growth as compared to the same period last year. The transactions processed by UPI during May 2024 remain its best-ever performance since its inception when it processed 14.07 billion transactions worth Rs 20.45 lakh crore.  

The YoY growth remained the same during May and June 2024 as it registered identical YoY growth of 49 per cent during these two months. Even though UPI failed to surpass its performance in May, it still maintained a lead regarding the number of average daily transactions. UPI registered 463 million daily transactions on an average basis in June 2024 as compared to 453 million average daily transactions in May 2024. During June 2024, AePS processed out nearly Rs 67,000 crore daily on an average basis.

Regarding the Aadhaar Enabled Payment System (AePS), after registering a negative YoY growth of 10 per cent in May 2024, it regained the lost ground by showcasing an upward trend. During June, AePS showed 4 per cent YoY growth in volume by processing 100 million transactions. However, the increase in value of transactions processed remained on the negative side as it managed to register a 5 per cent negative YoY growth in value which stood at Rs 25,122 crore. 

Average daily transactions also showed positive signs as AePS registered 3.33 million daily transactions on an average basis during the month.