UPI daily volumes edge up 1.2% to 75.7 crore in June, up 23% YoY
UPI average daily volumes rose 1.2% MoM to 75.7 crore with daily value steady at Rs 96,405 crore, while monthly aggregates softened. FASTag (36.2 crore) and IMPS (35.4 crore) volumes declined MoM. UPI's 23% YoY growth signals continued digital-payment momentum underpinning retail transactions.
What happened
UPI average daily volumes rose 1.2% MoM to 75.7 crore in June with value steady, while monthly aggregates softened. FASTag and IMPS volumes also declined
Key facts
- daily UPI volume 75.7 crore
- up 1.2% MoM
- daily value Rs 96,405 crore
- monthly volume 2,270 crore
- value Rs 28.9 lakh crore
- volumes up 23% YoY
- FASTag 36.2 crore
- IMPS 35.4 crore
Why this matters
Continued UPI dominance alongside declining FASTag and IMPS volumes signals rail consolidation, favoring partnerships and M&A anchored to UPI-native payment infrastructure.
What to watch
- MoM volume growth turning negative or below 1% for two consecutive months
- Daily value diverging from volume (ticket-size compression or expansion)
- Regulatory move on MDR, market-share caps (NPCI 30% rule enforcement), or credit-on-UPI expansion
- FASTag/IMPS continued decline confirming channel cannibalization
- Festive-season Q2 uplift in daily volumes toward 85-90 crore
- Retailers deepen UPI-first checkout with QR at POS and integrate UPI Lite for sub-Rs 500 fast payments
- Push credit-on-UPI and RuPay credit card linkage to lift average ticket value
- PSPs and banks lobby/plan for MDR or value-added monetization given zero-fee volume growth
- Monitor IMPS/FASTag substitution into UPI and reallocate incentive spend accordingly