Unified Payments Interface (UPI) transactions have seen a marginal decrease from 14.04 billion in May to 13.89 billion in June on a month-on-month basis.
Data released by the National Payment Corporation of India (NPCI) highlights that in June 2024, UPI volume stood at Rs 20.07 trillion. This was 1.9 percent lower than the Rs 20.45 lakh crore reported in May. This was first reported by Business Standard.
The transaction count increased by 49 percent year-over-year (YoY). Interestingly, since UPI got operational in April 2016, both in terms of volume and value, May 2024 saw the highest number in terms of UPI transactions, according to the report.
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In its annual report, the central bank mentioned that four out of five digital transactions are via UPI. RBI Governor Shaktikanta Das said in March this year that the country accounts for 46 percent of the digital payments in the world. Das added that UPI transactions account for 80 percent of digital payments in the country.
He reportedly said, “In 2012–13, there were 162 crore digital payments. This number has grown to 14,726 crore in 2023–24 till February.”
Meanwhile, the number of FASTag transactions also reportedly decreased by 4 percent in May, from 347 million to 334 million. In terms of value, this decreased by 2 percent in June to Rs 5,780 crore from Rs 5,908 crore in May.
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Meanwhile, the NPCI and the central bank have been focusing on expanding UPI to other countries. As per an ANI report, the NPCI and UPI are planning to expand UPI to 20 countries by 2029. The annual report by the central bank reportedly says, “In light of goals for Viksit Bharat 2047, the Reserve Bank, along with NIPL, will work towards taking UPI to 20 countries with an initiation timeline of 2024–25 and a completion timeline of 2028–29.”
