Unified Payments Interface (UPI) transactions rose 3.95 percent month-on-month (MOM) to 14.44 billion in July from 13.89 billion in the previous month. On a year-on-year (YoY) basis, the number of transactions rose 49%.
According to data released by the National Payments Corporation of India, UPI transaction volume in July was Rs 20.64 lakh crore, 2.8% higher than June's Rs 20.07 lakh crore. On a year-on-year (YoY) basis, transaction volume rose 35%. This comes after UPI transactions fell by 1% month-on-month to 13.89 billion in June from 14.04 billion in May.
It is noteworthy that the total transactions processed by UPI crossed 100 billion last year. Earlier this year, Reserve Bank of India Governor Shaktikanta Das pointed out that India now represents about 46% of the world's digital transactions, attributing this growth to the widespread adoption of UPI.
Last month, fintech giants PhonePe and Google Pay reported a slight decline in the value and volume of transactions through UPI in June. On the contrary, their biggest rival Paytm registered growth during the same period.
According to data released by NPCI, by volume, PhonePe had 48.3% market share on UPI in June, followed by Google Pay and Paytm with 36.7% and around 8% market share respectively.
Meanwhile, NPCI and the Government of India are actively promoting UPI. NPCI, UPI Lite, Lines of Credit on UPI, UPI LITE X, Tap & Pay, Hello! Schemes like UPI and BillPay Connect have also been launched.
