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Digital payments continued to remain strong in June with the Unified Payments Interface (UPI) clocking transactions worth over ₹10-lakh crore last month.
Data from the National Payments Corporation of India (NPCI) revealed that UPI processed 586 crore transactions amounting to ₹10.14-lakh crore in June this year. This is marginally lower than 595 crore payments worth ₹10.41-lakh crore in May but remains above the 558 crore transactions totalling ₹9.83-lakh crore it processed in April this year.
On a year-on-year basis, the growth and adoption of UPI remain strong and have nearly doubled since June 2021. As many as 280.75 crore transactions amounting to ₹5.47-lakh crore took place through UPI in June last year. On a daily basis, transaction value on UPI in June 2022 has ranged anywhere between ₹21,000 crore to as high as over ₹35,000 crore. Over 20 crore payments were processed daily via UPI in June.
IMPS performance
Transactions on the Immediate Payment Service also remained strong with 45.57 crore payments worth ₹4.43-lakh crore processed on the platform. This is marginally lower than May but in line with April trends.
In May 2022, about 48.48 crore transactions totaling ₹4.52-lakh crore took place through IMPS while in April, 47.16 crore transactions of ₹4.44-lakh crore were processed on the platform. In comparison, in June 2021, IMPS processed 30.37 crore transactions valued at ₹ 2.84-lakh crore.
Meanwhile, over 27.79 crore transactions of ₹4,302.67 crore took place through NETC FASTags in June this year, as against 28.53 crore transactions worth ₹4,369.36 crore in May. Transactions through Aadhar Enabled Payment System saw a steady rise in June this year. It registered 12.08 crore payments amounting to ₹32,421.58 crore in June 2022 as compared to 10.92 crore transactions of ₹30,458.75 crore in May this year.
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