Team Blitz India
RECORDING a 49 pc growth on a year-on-year basis, the Unified Payments Interface (UPI) transactions reached 13.89 billion in June 2024, according to data from the National Payments Corporation of India. The transaction volume in June stood at Rs 20.07 lakh crore, 1.9 per cent lower than Rs 20.45 lakh crore in May. On a YoY basis, the transaction volume surged 36 per cent, according to a media report.
Highest in May
The average daily transaction amount reached Rs 66,903 crore, while the average daily transaction count was at 463 million in June. The UPI numbers in May were the highest in terms of value and volume since the UPI came into existence in 2016. In June, the Immediate Payment Service (IMPS) transaction volume was down by 7 per cent at 517 million, as compared to 558 million in May. Aadhaar Enabled Payment System (AePS) was up by 11 per cent in volume to 100 million in June as against 90 million in May and 95 million in April.
Meanwhile, the Reserve Bank of India (RBI) joined Project Nexus with the four ASEAN countries to create a platform to facilitate instantaneous cross-border retail payments. Nexus, conceptualised by the Innovation Hub of the Bank for International Settlements (BIS), aims to connect India’s UPI with the fast payment systems of ASEAN members – Malaysia, Singapore, Philippines and Thailand.
Updated rules
The Telecom Regulatory Authority of India (TRAI) has introduced new updated rules for Mobile Number Portability (MNP), which became effective on July 1. These changes, outlined in the guidelines issued on March 14 mark the ninth amendment to the MNP regulations since the Telecommunication Mobile Number Portability Regulation of 2009. The new rules specify conditions under which telecom operators can reject MNP requests.
During T20 World Cup finals, ONDC, a Government-run Open Network for Digital Commerce hit a remarkable milestone by processing 374,000 orders in a day. The surge underscored the rapid adoption of the ONDC Network, which is revolutionising India’s e-commerce scene by offering equal opportunities for businesses of all sizes and enhancing digital shopping experience.
