The National Payments Corporation of India shows that in July, UPI transaction value remained above Rs 20 lakh crore for the third straight month.
In contrast to the previous month, when the total value of transactions made through the digital payment service was Rs 20.07 lakh crore, it increased to Rs 20.64 lakh crore.
While the average value of transactions decreased in July 2024 to Rs 66,590 crore from Rs 66,903 crore in June 2024, the average daily transaction volume increased in July 2024 to 46.5 crore from 46.3 crore a month earlier.
Digital transactions continued to show remarkable growth over the year, rising by 35 per cent in value and 49 per cent in volume.
Same month in previous calender year recorded a 321.43 million average daily transaction. The avergage daily transaction value stood at Rs 49,468.92 crore.
AePS transaction
The number of transactions made through the Aadhaar-enabled payment system (AePS) decreased, falling to 97 million from 100 million in June. AePS daily volumes decreased to 3.12 million in July from 3.33 million in June. The average transaction size also decreased to Rs 781 crore per day.
FASTag volume july 2024
In July, FASTag volumes fell for a second straight month, with an average daily transaction count of 10.41 million, down from 11.15 million the month before.
Despite their volume was 9 per cent higher and their value was 12 per cent higher, than the previous year. In July, the average daily transaction volume on the service was Rs 180 crore, down from Rs 193 crore in the previous month.
In the meantime, the Indian government and NPCI have been aggressively pushing the use of UPI. To improve UPI usage, NPCI has introduced a number of cutting-edge features and services, including BillPay Connect, Tap & Pay, Hello! UPI, UPI Lite, credit lines on UPI, and UPI LITE X.
