UPI transactions surge 49 per cent YoY at 13.89 billion in June

Image for representational purposes only (Photo Courtesy: iStock)

The Unified Payments Interface (UPI)-based transactions reached 13.89 billion in June, surging 49 per cent on a year-on-year (YoY) basis, data by the National Payments Corporation of India (NPCI) showed on Monday.

The transaction volume in June stood at Rs 20.07 lakh crore, 1.9 per cent lower than Rs 20.45 lakh crore in May.

On a YoY basis, the transaction volume surged 36 per cent.

The average daily transaction amount reached Rs 66,903 crore while the average daily transaction count was at 463 million in June. The UPI numbers in the month of May were the highest in terms of value and volume since the UPI came into existence in 2016.

In June, the Immediate Payment Service (IMPS) transaction volume was down by 7 per cent in June at 517 million, as compared to 558 million in May.

Aadhaar Enabled Payment System (AePS) was up by 11 per cent in volume to 100 million in June as against 90 million in May and 95 million in April.

Earlier in the day, the Reserve Bank of India (RBI) joined Project Nexus with the four ASEAN countries to create a platform to facilitate instantaneous cross-border retail payments.

Nexus, conceptualised by the Innovation Hub of the Bank for International Settlements (BIS), aims to connect India's UPI with the fast payment systems of ASEAN members -- Malaysia, Philippines, Singapore, and Thailand.

Also Read: Easy investment guide for Gen Z: Top tips from finance gurus

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever