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The National Payments Corporation of India (NPCI) has reported significant increases in Unified Payments Interface (UPI) transactions for May 2024. The latest has been released on June 1.

What Is In Latest Data?

The latest data reveals both transaction volume and value have surged.

UPI Transactions Volume In May 2024

For the month of May, UPI transaction volume reached a staggering 14.04 billion.

UPI Transactions Volume In April 2024

This is up from the 13.30 billion transactions recorded in April.

Monetary Value

In terms of monetary value, UPI transactions totaled Rs 20.45 lakh crore in May, compared to Rs 19.64 lakh crore in the previous month.

UPI Transactions On Daily Basis In May 2024

On an average day in May, there were 453 million UPI transactions, with the daily transaction value averaging Rs 65,966 crore.

About UPI

For the unversed, UPI is developed by the NPCI. It is gaining traction internationally. At the moment, it is being operational in countries like Singapore and the UAE.

Benefit Of UPI

This instant payment system enables seamless inter-bank transactions.