Unified Payments Interface (UPI) transactions demonstrated remarkable stability in June, with average daily volumes rising 1.2% to 75.7 crore from 74.8 crore in May, according to data released by the National Payments Corporation of India (NPCI). This growth came even as headline monthly numbers softened after May's record-breaking performance. The average daily value held steady at ₹96,405 crore against ₹96,465 crore in May, representing a marginal decline of just 0.1%. This stability in daily run rates shows UPI's resilience despite the moderation in monthly transaction volumes.
Despite the monthly decline, UPI transactions demonstrated robust year-on-year performance with transaction value rising 20% and volume increasing 23% compared to June last year, as reported by NPCI. The sustained year-on-year growth indicates continued adoption momentum despite the monthly moderation. The monthly average of 75.7 crore transactions represents the highest-ever recorded daily average since UPI's launch, highlighting its growing dominance as the default payment method for low-value transactions. This performance underscores UPI's strong underlying growth trajectory and its position as the preferred digital payment method across India.
Immediate Payment Service (IMPS) transactions declined more than 1% to 354 million in June from 358 million in May, with value falling 3% to ₹6.77 trillion from ₹6.96 trillion, according to Business Standard reports. Compared to June last year, IMPS transaction volume was down 21% while value increased 12%. FASTag transactions also declined, falling 3.5% to 362 million from 375 million in May, with value dropping 1.3% to ₹7,215 crore. However, Aadhaar Enabled Payment System (AePS) transactions showed positive momentum, rising 10% to 97 million from 88 million in May.
UPI has achieved significant international expansion, now live in over eight countries including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius, and Qatar, positioning India as a global leader in digital payments. As per Spice Money CEO Dilip Modi, in just 12 months, UPI volumes have grown over 4.3 billion transactions and nearly ₹5 lakh crore in value, underscoring increasing trust and dependence on digital payments across the country. The growing international adoption is boosting remittances, promoting financial inclusion, and strengthening India's position in the global fintech landscape. The National Payments Corporation of India (NPCI), an initiative of the Reserve Bank of India and the Indian Banks' Association, operates as the umbrella organisation for retail payments and settlement systems in India.
