There was a slight decline in Unified Payments Interface (UPI) transactions in June 2024 as compared to May 2024, which recorded the highest ever transactions in terms of total value and volume. According to the National Payments Corporation of India (NPCI), in June 2024, there was a decrease of 1% in the volumes processed by 13.89 billion transactions, while the total value of transactions decreased by 1.8% to Rs 20.07 lakh crore.

UPI payment volumes reached 14.04 billion transactions in May 2024, up 49% year-on-year (YoY) by volume and 36% by value at Rs 20.45 lakh crore. According to NPCI, this marks the highest volume and value of transactions processed by UPI since its launch in April 2016.

Similarly, FASTag transactions also declined by 4% in June, with 334 million transactions compared to 347 million transactions in May. The value of FASTag transactions also declined by 2%, from Rs 5,908 crore in May to Rs 5,780 crore in June.

Immediate Payment Service (IMPS) saw a 7% decline in transaction volume in June, to 517 million from 558 million in May. In cash terms, IMPS transactions were down 5%, totalling Rs. 5.78 trillion in June compared to Rs. 6.06 trillion in May.