UPI Transactions Jump 3.95% MoM In July

The Unified Payments Interface (UPI) transactions rose 3.95% month-on-month (MoM) to 14.44 Bn in July from 13.89 Bn in the previous month.

On a year-on-year (YoY) basis, the transaction count surged 49%.

As per data released by the National Payments Corporation of India, the UPI transaction volume in July stood at INR 20.64 Lakh Cr, 2.8 % higher than June’s INR 20.07 Lakh Cr.

On a year-on-year (YoY) basis, the transaction volume surged 35%.

The UPI transactions saw a marginal decline of 1% month-on-month (MoM) to 13.89 Bn in June from 14.04 Bn in May.

It is pertinent to mention that the total transactions processed by UPI surpassed 100 Bn last year.

Earlier this year, Reserve Bank of India Governor Shaktikanta Das noted that India now represents nearly 46% of the world’s digital transactions, attributing this growth to the widespread adoption of UPI.

Last month, Inc42 reported that fintech giants PhonePe and Google Pay experienced a slight decline in both the value and volume of transactions via UPI in June. In contrast, Paytm, their largest competitor, showed flat growth during the same period.

As per data released by the NPCI, volume wise, PhonePe had 48.3% market share in UPI in June followed by Google Pay and Paytm with 36.7% and nearly 8% market share respectively.

Meanwhile, both NPCI and the Indian government have been actively promoting UPI adoption. NPCI has launched several innovative features and services to enhance UPI usage, such as UPI Lite, credit lines on UPI, UPI LITE X, Tap & Pay, Hello! UPI, and BillPay Connect.