India’s digital payment ecosystem continued to grow in June but at a slower pace. Unified Payments Interface (UPI) transactions remained above Rs 24 lakh crore for the second consecutive month, data released on July 1 shows.
The daily transaction volumes reached a record high of 613 million, up from 602.6 million in May. However, the pace of growth has moderated, with annual expansion falling to 32.5 percent, the lowest in 62 months..
The average value per transaction declined to Rs 1,306.5 from Rs 1,345.8 in the previous month, indicating either a higher volume of low-ticket transactions or changes in user behaviour.
For the quarter, UPI clocked its highest-ever transaction volume at 54.97 billion, while the total value stood at Rs 73.13 lakh crore, compared to Rs 70.21 lakh crore in the previous quarter.
FASTag transactions saw a dip. Daily volumes dropped to 12.87 million from 13.03 million in May. The total transaction value also dipped to Rs 226.43 crore from Rs 228.6 crore in the previous month.
FASTag volume growth slowed to 15.4 percent from a year-ago period and 16.3 percent in May.
Immediate Payment Service (IMPS), another major payment rail, recorded a 13 percent year-on-year decline in transaction volumes in June.
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