UPI transaction value stays above Rs 20 lakh crore for 3rd straight month in July

UPI volumes in July

UPI transaction value stayed above Rs 20 lakh crore for the third month in a row in July, according to data released by the National Payments Corporation of India on August 1.

The total value of transactions using the digital payment service rose to Rs 20.64 lakh crore compared with Rs 20.07 lakh crore in the previous month.

The average daily transaction volume was higher at 465 million, compared with 463 million a month back, while the value of transactions declined to Rs 66,590 crore, compared with RS 66,903 crore in June.

The volume of transactions on the digital payments service was 14.44 million in July as against 13.89 million in the previous month.

Over the year, digital transactions continued to put up a phenomenal growth of 49 percent in volume and 35 percent in value terms.

Aadhaar-enabled payment system (AePS) transactions declined as their volume dipped to 97 million after crossing the 100 million mark in June. Daily volumes of AePS in July were lower at 3.12 million as against 3.33 million in the previous month, with the average transaction size too declining to Rs 781 crore daily.

FASTag volumes dipped for a second consecutive month in July, as the average daily transactions declined to 10.41 million compared with 11.15 million in the previous month.

However, they were 9 percent higher than the previous year in volume and 12 percent higher in value.

Average daily transaction volume was Rs 180 crore on the service in July compared with Rs 193 crore in the previous month.

IMPS, another service for instant fund transfer, also witnessed a second consecutive month of decline in daily volumes to 16 million in June from 17 million a month back.

The value was only slightly lower at Rs 19,135 crore compared with Rs 19,260 crore in June.