- About ₹5.5 lakh crore was transferred through 2.8 billion transactions on
UPI . - About ₹4.48 Lakh was transferred across 1.5 billion transactions peer-to-peer.
PhonePe continues to lead the UPI market with over 1.2 billion transactions.
Once again, Flipkart-owned PhonePe continues to lead the UPI market with over 1.2 billion transactions, which makes up for 42% of all the transactions that took place on the payment system. Google Pay was next in line with 972 million transactions, making up for close to 35% of the transactions.
State-run National Payments Corporation of India (
The State Bank of India (SBI) turned out to be the biggest IPO remitter in June, with 4.86 lakh mandates and 78,000 executions. Mandates are requests for IPO and executions were the transaction where the customer was allotted the shares. Other top banks included HDFC Bank, ICICI Bank, Bank of Baroda and Axis Bank.
Founded in 2016, UPI is one of the biggest success stories of the Indian digital payments system. It crossed 1 billion monthly transactions in October 2019 and 2 billion in October 2020. The NPCI has been looking to incorporate this payment system in international markets as well. So far, Singapore and Bhutan have decided to incorporate the system.
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