UPI Payments Fall By 2.5% MoM To INR 10.14 Lakh Cr In June 2022
- ByStartupStory | July 2, 2022
The RBI guidelines and the state of the global economic scenario have generally had no impact on UPI payments. The NPCI processed 586 Cr transactions totalling INR 10.14 Lakh Cr as of June 2022.
Even if June’s numbers were somewhat down from May 2022’s, the payment processing software platform continues to make headlines globally and in terms of regulations. For instance, in June 2022, NPCI International and the Lyra Network of France signed a memorandum of understanding (MoU) to accept UPI and RuPay Cards in France. Along with France, NPCI International has previously partnered with a number of organisations in Nepal, the United Arab Emirates, Japan, and China. As of right now, the RBI has stated that the NPCI will seek to make UPI a route for sending cross-border remittances.
As of RuPay cards, customers will be able to link their credit cards with UPI, according to a separate RBI announcement from June 2022. This step could increase credit card transactions and broaden the use of UPI. Additionally, research reveals that, at the moment, the average ticket size for UPI transactions that support debit cards is roughly INR 1,730, compared to INR 4,000 for transactions that use credit cards.
The linking move will easily raise the average ticket size for payments made via UPI to INR 3,000 with INR 1.1 Lakh Cr worth of credit card transactions in June 2022 alone. Even though UPI’s performance has somewhat dipped, the first half of 2022 has already surpassed 2021’s transaction volume by 83 per cent. UPI alone logged approximately 6 billion transactions in May 2022, totalling $134.3 billion (INR 10.4 lakh crore) and increasing 6.6 per cent month-over-month (MoM) from April 2022. Only twice throughout the entirety of CY22, in February 2022 and June 2022, did UPI transactions decline MoM by more than 2%.
In India right now, UPI is the most widely used digital payment method. It is connected to 330 banks. Although statistics for UPI banking transactions in June 2022 have not yet been released, the State Bank of India (SBI) led the market in May 2022 by completing about 165 Cr transactions.
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