Unified Payment Interface (UPI) saw an increase of 3% in the total transaction volumes taking place between May 2019 and June 2019, according to data published by the National Payments Corporation of India (NPCI). The NPCI is a private company owned by Indian banks and owns and operates important payments systems such as UPI and IMPS.

The total number of transactions in June 2019 was around 3 times higher than in the same month last year. The amount transacted went down by 3.9% to Rs 146,566 crores over May. The amount transacted in June 2019 was 3.6 times higher than in June 2018. However, given the limited impact of seasonality on digital payments, and the fact that this is pipped to be a high growths sector, month-on-month data needs to be looked at.

Some observations

1. Although the amount transacted decrease this June 2019, the number of transactions had shown growth for the month. As a result, the amount transacted per day for the first time decreased to Rs. 4,885 crores from Rs. 4,917.7 crores as compared to the preceding month.

2. The number of transactions grew by 21 million in June whereas the total amount transacted decreased by Rs 5,882.9 crores. In May 2019, volume had sharply decreased by 48.3 million and the amount transacted had raised by Rs 10,414.9 crores.

3. The average amount per transaction declined to Rs 1,942 for June 2019 with a sharp decrease in the amount transacted. It has been trending up since March 2019. The average amount per transaction has remained above the Rs 1,000 mark for the last 12 months.

4. The number of banks on UPI went up to 144 in June 2019.