UPI payment transactions up 30% month-on-month in June to over 246 mn, says NPCI data

New Delhi: The number of transactions via unified payments interface (UPI) grew 30 percent to over 246 million in June over the previous month, according to the data available with the National Payments Corporation of India (NPCI).

A total of 246.37 million UPI transactions were conducted in June this year, as against 189.48 million in May 2018, recording the highest month-on-month rise for this year, the data showed.

The total value of these UPI transactions stood at Rs 40,834.03 crore in the month of June as compared to Rs 33,288.51 crore in the preceding month, it added.

On year-on-year basis, the growth in UPI transactions – both in value and volume terms – have been manifold as the base of users has also expanded at a steady pace.

PhonePe Head of Payments and Financial Services Hemant Gala said the company’s platform drove over 50 million UPI transactions at over Rs 100 billion total payment value (TPV) in June.

“We are also one of the largest platforms in terms TPV as our average transaction value is much higher than other players driven by our continuous focus on customer-centric use cases,” he said.

Rival Paytm also claimed leadership position with respect to UPI transactions.

“Last month, Paytm users did more than 350 million payments using various options. UPI alone contributed to 92 million transactions and is fast becoming an alternative to net-banking for consumers in India,” Paytm Senior Vice President Deepak Abbot said.

Government-owned app BHIM clocked 16.34 million transactions in June, up over 15 percent from 14.16 million in May. The value of these transactions done via BHIM stood at Rs 6,261.25 crore in June as against Rs 5,748.47 crore in May.