UPI recorded 22.72 billion transactions in June, down 2% from May. Despite the monthly dip, annual transaction volume and value continued to grow, while India's digital payments network expanded globally.
India's digital payments ecosystem took a brief pause in June, but the bigger picture continues to reflect strong momentum. According to data released by the National Payments Corporation of India (NPCI), the Unified Payments Interface (UPI) processed 22.72 billion transactions during the month, a 2.1% decline from 23.20 billion transactions recorded in May.
The total transaction value also eased 3.3% month-on-month, falling to ₹28.92 lakh crore from ₹29.90 lakh crore in the previous month. While these figures indicate a modest slowdown, daily activity remained largely stable. Average daily transaction volume increased to 75.7 crore transactions, compared to 74.8 crore in May, while the average daily transaction value stood at approximately ₹96,405 crore.
Looking beyond the monthly movement, UPI continues to deliver impressive long-term growth. Compared to June last year, transaction volume increased 23%, while the overall transaction value grew 20%, reinforcing the platform's position at the heart of India's digital economy.
UPI's global footprint is also expanding. During Prime Minister Narendra Modi's recent visit to Seychelles, India signed an agreement to support the deployment of UPI infrastructure in the island nation. The payment system is already operational in countries including Singapore, the UAE, France, and Mauritius, reflecting India's efforts to take its digital payment innovation to international markets.
Competition within the UPI ecosystem is also becoming more balanced. While PhonePe and Google Pay continued to dominate in May, their combined market share slipped below 80%. At the same time, smaller players such as WhatsApp, MobiKwik, and Kiwi increased their collective share, suggesting that users are gradually exploring more payment options.
Although June witnessed a slight month-on-month decline, UPI's broader growth story remains intact, driven by rising adoption, expanding global reach, and increasing competition across the digital payments ecosystem.
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