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UPI transaction volume dips 1.5% in June, after record rise in May

Unified Payments Interface (UPI) transactions dipped 1.5 per cent in June to 18.4 billion, compared to the record 18.68 billion last month. Transaction value declined 4 per cent to Rs 24.04 trillion, compared to Rs 25.14 trillion in May. Transactions in June grew 32 per cent from the year before and their value was up 20 per cent, according to data provided by National Payments Corporation of India (NPCI) on Tuesday. The number of daily transactions increased from 602 million in May to 613 million in June this year. The value of daily transactions fell to Rs 80,131 crore in June, from Rs 81,106 crore in May. June Immediate Payment Service (IMPS) transactions were at 448 million, down 3 per cent from 464 million in May. In value terms, this was a 5 per cent decline to Rs 6.06 trillion in June, from Rs 6.41 trillion in May. There were 449 million IMPS transactions in April and they were valued at Rs 6.22 trillion. IMPS transactions in June declined 13 per cent and grew 5 per cent in value from the year before. The number of daily transactions dipped from 14.96 million to 14.94 million between May and June this year, leading to a drop in daily value from Rs 20,673 crore to Rs 20,212 crore. 'India's digital payment ecosystem continues to defy global benchmarks, reflecting a collective behavioural shift towards a cashless economy driven by convenience, interoperability, and trust. As India advances to the second stage of digital maturity, it stands at a critical juncture to establish a payment ecosystem that is not only scalable but also sustainable, resilient, and equitable in the long term,' said Kunal Jhunjhunwala, founder, Airpay Payment Services. "June's UPI performance is a testament to India's digital maturity, with over 18 billion transactions reflecting both scale and trust in real-time payments. Despite minor seasonal variations, the consistent year-on-year growth highlights the deepening adoption of interoperable, low-cost, and secure digital payment solutions," said Ramakrishnan Ramamurthy, Chief Delivery and Operations Officer – India, Worldline. The number of FASTag transactions witnessed a decline of 4 per cent to 386 million in June, from 404 million in May. Their value dropped 4 per cent from Rs 7,087 crore in May to Rs 6,793 crore in June. In April, this was recorded at 383 million and Rs 6,801 crore, respectively. The June FASTag numbers were 16 per cent up in volume and 18 per cent in value versus the same month in 2024. The number of daily transactions dipped to 12.88 million from 13.05 million. This was reflected in value as well, which declined to Rs 226 crore from Rs 229 crore last month. Aadhaar Enabled Payment System (AePS) transactions in June dipped 8 per cent to 97 million, compared to 105 million in May. The value of transactions during June this year was Rs 26,616 crore, down 7 per cent from Rs 28,703 crore in May. The number of daily transactions was 3.24 million against May's 3.37 million volume. In value too, this was down to Rs 887 crore, as against Rs 926 crore in May. AePS saw a 3 per cent dip in volume and 6 per cent growth in value compared to June 2024.