UPI Clocks Record 2.8 Billion Transactions in June

Unified Payments Interface (UPI) bounced back to record levels in June after taking a hit for the past two months.

The platform processed 2.8 billion transactions worth Rs 5,47,373 crore in June, up from 2.53 billion transactions worth Rs 4,90,638 crore in May, according to data released by the National Payments Corporation of India on Thursday.

UPI’s previous high was 2.73 billion transactions worth Rs 5,04,886.44 crore in March 2021.

The significant growth in UPI numbers points not only to the increased adoption of digital payments but also a revival in business activity following lockdowns in May.
NPCI’s other digital payments channels including Bharat Bill Payment System (BBPS), National Electronic Toll Collection (NETC), Aadhaar Enabled Payment System (AePS) and Immediate Payment Service (IMPS) also saw an increase in the volume (number) of transactions processed in June.

■ BBPS saw its volume grow to 45.47 million transactions from 39.22 million in May.
■ IMPS volumes rose to 303.7 million transactions from 279.8 million.
■ AePS volumes grew to 87.5 million transactions from 84.2 million.
■ NETC Fastag saw even sharper growth to 157 million transactions from 116 million in May, due to an increase in road traffic.

Last week, we reported that payments made through debit and credit cards also recorded 12.7% and 18.6% growth respectively for the first three weeks of the month, according to Reserve Bank of India data.

■ NEFT, which is predominantly used for wage payments by businesses and other interbank settlements – saw volumes grow by 10.9% during the period.
■ RTGS, which is used for big-ticket payments between banks and corporates, also registered a healthy 21.4% growth.

Source: ET