The month of June recorded an increase of 267.9 million in the number of transactions and saw the highest number of average transactions in a day. The transaction value on the Unified Payments Interface (UPI) stood at Rs 5.47 lakh crores in June 2021, up by 2.1x compared to the same month in the previous year. Overall, transaction volumes increased by 2 times over the last year to 2.81 billion in June. While UPI payment volumes grew by 10.6% in June 2021 over the previous month, the UPI transaction value went up by 11.6% compared to May. This steep increase comes after a drastic slump in both metrics in April, given several state-imposed lockdowns due to the second wave of the COVID-19 pandemic. Key observations 1. Increase over May: The number of transactions increased by 267.9 million in June, whereas the total amount transacted went up by Rs 56,734 crores. In the previous month (May 2021), the volume of transactions had decreased by 100.4 million and the amount transacted declined by Rs 3,024 crores. 2. Average transactions per day: Around 93.6 million transactions were completed and ₹18,246 crores was transacted on an average per day in June. The average number of transactions per day in June 2021 was the highest till date. 3. Size of transaction: The average amount exchanged per transaction increased marginally over the previous month to ₹1,950. However, this is a slight YoY decline from ₹1,958 in June 2020. The average amount per transaction fell to its lowest in…
- From PLI Schemes to preferential markets: TRAI’s Key recommendations on promoting telecom equipment manufacturing in India September 25, 2023
- Here’s all you need to know about ‘Humans of Bombay suing People of India under copyright’ case September 25, 2023
- Google Play populated with loan guide apps that lets users to download APKs of predatory loan apps September 25, 2023
- Andhra Pradesh Police Check Mobile Phones Of People At Border Areas For Security Reasons September 25, 2023
- Indian Web Browser Veera Claims To Offer Ad-Free Browsing Experience, Localised Content September 25, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...
Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...
RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.
Straw man fallacy: IT Ministers’ defence of government exemptions in data protection law misses the point
Both the IT Minister and the IT Minister of State have chosen to avoid the actual concerns raised, and have instead defended against lesser...
The Central Board of Film Certification found power outside the Cinematograph Act and came to be known as the Censor Board. Are OTT self-regulating...
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...