India’s UPI crossed ₹24 lakh crore in June 2025, with daily volumes at a record high of 613 million. Growth continues but at the slowest annual pace in over five years, while FASTag and IMPS saw a decline.
Unified Payments Interface (UPI), the flagship digital payment platform managed by the National Payments Corporation of India (NPCI), reported transactions worth ₹24.04 lakh crore in June 2025. This marks the second consecutive month with values exceeding ₹24 lakh crore, though overall growth appears to be stabilizing.
According to data released on July 1, daily transaction volumes rose to a record 613 million, up from 602.6 million in May. However, year-on-year growth slowed to 32.5%, the lowest in more than five years.
The average value per transaction dropped to ₹1,306.5 in June from ₹1,345.8 in May, hinting at an increase in low-ticket usage or changes in consumer habits.
Quarterly Performance
In the April–June quarter of FY2025, UPI logged:
- 54.97 billion total transactions
- ₹73.13 lakh crore in total transaction value
This is an improvement from ₹70.21 lakh crore recorded in the previous quarter.
Mixed Signals from Other Payment Systems
- FASTag: Daily transaction volumes declined to 12.87 million in June from 13.03 million in May. Transaction value also dipped slightly to ₹226.43 crore.
- Growth for FASTag fell to 15.4% annually, down from 16.3% in May.
- Immediate Payment Service (IMPS): Registered a 13% year-on-year decline in transaction volumes in June, signaling subdued activity in this payment channel.
The Reserve Bank of India (RBI) and NPCI are expected to review these patterns closely to realign policies and digital infrastructure needs in a maturing payments ecosystem.
Despite moderated growth, UPI continues to anchor India’s transition to a cashless economy. Analysts suggest the slowdown could reflect saturation in urban areas and the need to drive further adoption in rural and semi-urban regions.