The National Payments Corporation of India (NPCI) reported a 23% year-on-year increase in Unified Payments Interface (UPI) transaction volumes for June, totaling 22.72 billion transactions. The UPI transaction value also saw a surge of 20% to Rs 28.92 lakh crore last month. On average, around 757 million transactions were processed daily in June, with a daily transaction value of approximately Rs 96,405 crore.
In comparison, May witnessed UPI transaction volumes at 23.20 billion and a transaction value of Rs 29.90 lakh crore. The daily average transactions for May were around 748 million, with a daily transaction value of about Rs 96,465 crore. Over the years, UPI has evolved from a basic payment platform to a key player in India’s digital commerce landscape, with transactions growing significantly from 2 crore in FY2016-17 to over 24,162 crore in FY 2025-26.
Notably, UPI has expanded its reach to more than eight countries, including the UAE, Singapore, France, Mauritius, and Sri Lanka, enhancing India’s fintech footprint globally. The recent launch of UPI in Greece enables eligible customers to make instant, secure, and cost-effective money transfers, significantly reducing transaction costs compared to traditional methods.
In a significant development, US lawmakers highlighted India’s UPI system as a model for driving private-sector innovation through modern public payment infrastructure. This reference occurred during a hearing of the House Financial Services Committee’s Subcommittee on Financial Institutions, where discussions revolved around the potential modernization of the US regulatory framework to grant non-bank payment companies direct access to the Federal Reserve’s payment infrastructure, bypassing traditional banking intermediaries.
