UPI Transactions Remain Above ₹24 Lakh Crore in June; Growth Slows Despite Record Daily Volumes

India's digital payments ecosystem continued its robust performance in June, with Unified Payments Interface (UPI) transactions once again crossing ₹24 lakh crore for the second straight month. However, signs of a slower growth trajectory have emerged.

According to data released on July 1, daily UPI transaction volumes hit a record high of 613 million, up from 602.6 million in May. Yet, annual growth moderated to 32.5%, marking the lowest year-on-year expansion in over five years.

The average transaction value fell to ₹1,306.5 in June, down from ₹1,345.8 a month earlier—signaling a rise in low-ticket transactions or a shift in consumer behavior toward smaller, more frequent payments.

In quarterly terms, UPI recorded its highest-ever volume of 54.97 billion transactions, with a total value of ₹73.13 lakh crore, up from ₹70.21 lakh crore in the previous quarter.

Meanwhile, FASTag usage declined, with daily volumes slipping to 12.87 million in June from 13.03 million in May. The total value of FASTag transactions also dipped slightly to ₹226.43 crore.

The Immediate Payment Service (IMPS) saw a steeper slowdown, recording a 13% year-on-year decline in June transaction volumes.

Despite these shifts, the data underscores UPI's central role in India’s digital finance landscape, even as the pace of expansion begins to stabilize following years of hypergrowth.