As compared to May, the Unified Payments Interface (UPI) in June has recorded 754.54 million transactions worth Rs 1,46,566.35 crore. This is close to a 3 percent increase in transaction volume and a 4 percent decrease in transaction value.
UPI to date stands with the second highest figure for transaction volume. In May, the UPI had crossed Rs 1.5 trillion worth transaction mark by clocking 33.54 million transactions.
While the National Payments Corporation of India (NPCI)-owned the entity has been able to maintain its charm, government regulated BHIM has once again failed. In May, BHIM has recorded 15.77 million transactions worth Rs 6,627.42 crore that slumped down to 15.49 million transactions amounting to Rs 6,202.49.
With the rapid growth of private players in this space such as Google Pay, Paytm and PhonePe the BHIM’s is still struggling to succeed.
Google Pay in May had registered 240 million transactions amounting to Rs 55,000 crore and became the largest contributor to NPCI-owned unified payment railroad.
At the same time, PhonePe and Paytm have registered 230 million and 200 million transactions worth Rs 44,000 crore and Rs 38,200 crore respectively.
The aforementioned private entities have not revealed their transaction figure for June.
The NPCI-regulated inter-bank electronic funds transfer system (IMPS) has recorded a slight downfall from 183.33 million transactions worth Rs 1,80,456.44 crore in May to 171.33 million transactions worth Rs 1,73,019.27 crore in June.