280 Crore UPI Transactions Worth Rs 5.5 Lakh Crore In 30 Days! UPI Hits All Time High Record

According to recent information provided by the National Payments Corporation of India (NPCI), the instant real-time payment system Unified Payments Interface (UPI) has registered a total of 2.8 billion transaction count in June 2021, which has finally pushed the looming transaction volume for the platform since a dropping count registered for two months straight, in April and May.

The transaction volume for UPI has finally boomed up in June 2021, mainly due to the recovery of the economy in the country, as the number Covid-19 casese slowly crawl down and businesses reopen.

UPI Records Over Rs 5 Crore Transaction Value in June

As the second wave of Covid-19 hit the Indian markets earlier this year, the number of UPI transactions took the hit too.

After posting impressive record high figures in March, of about 2.73 billion transaction volume leading to transaction value amounting Rs 5,04,886.44 crore, the numbers tumbled down immensely in April and May.

It was anticipated that a similar trend would continue in June too, as businesses were shut down, leading to lower transactions.

However, with government orders easing up in June and the severity of Covid-19 scenario falling slightly in the country, businesses began to resume, leading to an increase in the transaction volume when compared to the preceding two months.

NPCI has posted the transaction volumes and counts for the three months, from April to June.

It shows that the transaction count for June 2021 stands at 2.8 billion, registering a transaction value of Rs 5,47,373 crore.

This is a straight 10.6% rise in volume and 11.56% rise in value as compared to May.

According to NPCI’s data, in the month of May, PhonePe dominated the UPI ecosystem with 45.27% market share, followed by Google Pay with 34.67% and Paytm with 11.44% market share.

The data for June is yet to be released.