UPI transaction volume declined 2.1% to 22.72 Bn in June from 23.20 Bn in the previous month. As per the NPCI’s data, the total UPI transaction value also decreased 3.3% to ₹28.92 Lakh Cr last month from ₹29.90 Lakh Cr in May.
However, the average daily transaction count rose 1.2% to 75.7 Cr in June from 74.8 Cr last month. Average daily transaction value stood at ₹96,405 Cr during the month under review as against ₹96,465 Cr in May.
On a YoY basis, the UPI transaction count grew 23% from 18.4 Bn and transaction value jumped 20% from ₹24.03 Lakh Cr.
The marginal MoM decline in UPI transactions notwithstanding, UPI has maintained strong growth over the past few years and cemented its place as the country’s preferred digital payments platform. The NPCI and the Indian government are also taking initiatives to promote the payments system globally.
An MoU was signed between the Indian and Seychelles governments during Prime Minister Narendra Modi’s visit to the archipelago last week to promote the use of UPI. The MoU will facilitate the deployment of UPI digital payments infrastructure in Seychelles, and identify avenues for broader collaboration in the payments ecosystem.
Notably, UPI is already live in many countries like Singapore, the UAE, France, Mauritius, among others.
The app-wise UPI market share data for June will be released by the NPCI later this month. PhonePe and Google Pay continued to lead the market in May, despite seeing a marginal decline in their market share.
PhonePe recorded 1,073.5 Cr transactions worth ₹14.67 Lakh Cr and its market share declined to 46.5% in May from 47.1% in April. Meanwhile, Google Pay’s monthly transaction volume increased 3.1% to 759.8 Cr from 735.9 Cr in April. Its market share went down to 32.9% in May from 33.5% in the previous month.
This pushed the combined market share of the two giants below the 80% mark in May.
Smaller UPI players like WhatsApp, MobiKwik, Kiwi, among others, saw their cumulative market share jump to 4.3% in May from 2.4% in April.
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