The National Payments Corporation of India (NPCI) on Monday released the UPI (Unified Payments Interface) transaction volume data for June 2024, revealing significant growth compared to the previous year. The data shows a 49% year-on-year (YoY) increase in the number of UPI transactions, reaching 13.89 billion in June 2024.
The transaction amount also saw a substantial rise, totaling Rs. 20.07 lakh crore, which marks a 36% increase from the same period last year. “Make seamless payments from your mobile in real-time with UPI,” NPCI tweeted along with the data on UPI monthly volumes.
Despite the impressive year-on-year growth, there was a slight decline in UPI transactions compared to May 2024. In May, the transaction count was slightly higher at 14.04 billion, with a transaction amount of Rs. 20.45 lakh crore.
The average daily transaction count in May stood at 453 million, with an average daily transaction amount of Rs. 65,966 crore. In comparison, June 2024 recorded an average daily transaction count of 463 million and an average daily transaction amount of Rs. 66,903 crore.
The 49% year-on-year growth in transaction count and the 36% rise in transaction amount underscore the continued expansion of UPI as a preferred payment method among users.
NPCI’s ongoing efforts to enhance the UPI infrastructure and introduce new features have significantly contributed to this growth. The seamless, secure, and user-friendly nature of UPI continues to attract more users and merchants, further driving its adoption across the country.