UPI transactions fall slightly in June, remain above 9 billion mark

According to data from the National Payments Corporation of India, transactions on the unified payments interface ( UPI ) decreased slightly to 9.3 billion in June. Although purchase volume reached the 9.4 billion mark in May, experts believe that one less day in June is to blame for the decline.

The transactions volume rose 59 % y - o - y in June and transactions value rose 45 % y - o - y to Rs 14.8 trillion. In May, the deal value had reached 14.9 trillion.
In 2022 - 23 ( April - March ), the platform carried out 84 billion transactions, accounting to about Rs 139.1 trillion.

The growth in UPI purchases can be attributed to the fact that consumers are increasingly using the payment system to make utility payment. The introduction of numerous new products, including UPI Lite and the RuPay credit cards on PPI, has also aided it.

In its latest financial stability report, Reserve Bank of India( RBI ) said that it is looking to leverage its domestic payment systems through bilateral interlinkages with other countries interested to establish such inter - linkages.

In February 2023, UPI and PayNow( Singapore ) connected their fast payment systems, establishing a digital infrastructure for instant digital payments and money transfers between the two nations.