As per the National Payments Corporation of India’s data, the transaction count surged 49% on a year-on-year (YoY) basis
The transaction volume in June stood at INR 20.07 Lakh Cr, 1.9% lower than May’s INR 20.45 Lakh Cr
On a year-on-year (YoY) basis, the transaction volume surged 36%
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
The Unified Payments Interface (UPI) transactions saw a marginal decline of 1% month-on-month (MoM) to 13.89 Bn in June from 14.04 Bn in the previous month.
On a year-on-year (YoY) basis, the transaction count surged 49%.
As per the National Payments Corporation of India’s (NPCI) data, the transaction volume in June stood at INR 20.07 Lakh Cr, 1.9% lower than May’s INR 20.45 Lakh Cr.
On a year-on-year (YoY) basis, the transaction volume surged 36%.
The transactions on the UPI rose 5% month-on-month (MoM) to 14.04 Bn in May, and the volume in the same month stood at INR 20.45 Lakh Cr.
Earlier this year, the Reserve Bank of India’s (RBI) governor Shaktikanta Das said that India accounts for nearly 46% of the world’s digital transactions. He attributed this jump to the increase in adoption of the UPI.
“The share of UPI in digital payments has reached close to 80% in 2023. At a macro level, the volume of UPI transactions increased from 43 Cr in 2017 to 11,761 Cr in 2023,” he said.
PhonePe has retained its leadership in the unified payments interface (UPI) ecosystem with a market share of 48.87% in April across peer-to-peer and peer-to-merchant transactions.
In April, PhonePe logged 6.5 Bn transactions via UPI out of the total 13.3 Bn transactions topping the chart. In terms of value, the company clocked transactions worth INR 10 Lakh Cr.
Meanwhile, Google Pay and Paytm have retained their second and third spots respectively in UPI transactions.
Google Pay processed 5 Bn transactions translating to a market share of 37.5%, while volume on Paytm hit 1.1 Bn translating to a market share of 8.3%.
The Indian payment infrastructure has successfully expanded beyond national borders, reaching countries like Nepal, France and New Zealand.
Both the NPCI and the Indian government have been actively working to promote the use of UPI.
NPCI has introduced several innovative features and services to drive UPI adoption, including UPI Lite, credit lines on UPI, UPI LITE X, Tap & Pay, Hello! UPI and BillPay Connect.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.