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India’s UPI Network Posts June Dip in Volume and Value

A 32% year-on-year spike in transactions paired with a 20% value rise underscores deepening reliance on digital payments.

UPI (Image Source: X)

Overview

  • National Payments Corporation of India data shows June UPI volumes fell 1.5% to 18.40 billion from May’s 18.68 billion.
  • Transaction value dropped 4.4% month-on-month to Rs 24.04 lakh crore from Rs 25.14 lakh crore.
  • Compared to June 2024, monthly volumes rose 32% and value climbed 20% year-on-year despite the monthly slowdown.
  • Other payment channels saw sequential dips as FASTag transactions fell to 386 million and AePS transactions to 97 million in June.
  • As of May, PhonePe and Google Pay together accounted for more than 80% of all UPI transactions.