UPI payments up 30% in June to 246 mn: NPCI

The number of transactions via unified payments interface (UPI) grew 30 per cent 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 ~408.3 billion in the month of June as compared to ~332.8 billion 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 ~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 per cent from 14.16 million in May.