The Unified Payments Interface (UPI)-based transactions reached 13.89 bn in June, surging 49% on a year-on-year (YoY) basis, data by the National Payments Corporation of India (NPCI) showed today.

The transaction volume in June stood at ₹20.07 lakh cr, 1.9% lower than ₹20.45 lakh cr in May. On a YoY basis, the transaction volume surged 36%.

The average daily transaction amount reached ₹66,903 cr while the average daily transaction count was at 463 m in June. The UPI numbers in the month of May were the highest in terms of value and volume since the UPI came into existence in 2016.

In June, the Immediate Payment Service (IMPS) transaction volume was down by 7% in June at 517 m, as compared to 558 m in May.

Aadhaar Enabled Payment System (AePS) was up by 11% in volume to 100 million in June as against 90 m in May and 95 m in April.

Earlier in the day, the Reserve Bank of India (RBI) joined Project Nexus with the four ASEAN countries to create a platform to facilitate instantaneous cross-border retail payments.

Nexus, conceptualised by the Innovation Hub of the Bank for International Settlements (BIS), aims to connect India’s UPI with the fast payment systems of ASEAN members - Malaysia, Philippines, Singapore, and Thailand.

(This story was taken from syndicated feed and was only edited for style by Gujarat Samachar Digital staff)

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