SBI processed about 5 Lakh IPO transactions in June, PhonePe continues to be the most used UPI app

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SBI processed about 5 Lakh IPO transactions in June, PhonePe continues to be the most used UPI app
BCCL
  • 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.
About ₹5.5 lakh crore was transferred through 2.8 billion transactions on the Unified Payments Interface (UPI) in the month of June 2021. This is the first jump UPI transactions have witnessed since April 2021.

MonthVolumeValue
June2.8 billion₹5.4 lakh crore
May2.5 billion₹4.9 lakh crore
April2.6 billion₹4.93 lakh crore
March2.7 billion₹5.05 lakh crore
February2.2 billion₹4.25 lakh crore

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.

SBI processed about 5 Lakh IPO transactions in June, PhonePe continues to be the most used UPI app
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State-run National Payments Corporation of India (NPCI), which manages UPI and other payments systems, has also released break up of peer-to-peer (P2P) payments and peer-to-merchant (P2M) payments. About ₹4.48 lakh was transferred across 1.5 billion P2P transactions on UPI, the data revealed. Meanwhile, P2M witnessed 1.2 billion transactions worth ₹99.5K crore in June 2021.

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.

BankMandatesExecution
State Bank of India4,86,55578,706
HDFC3,07,18557,737
ICICI Bank2,16,45640,813
Bank of Baroda1,73,85329,882
Axis Bank1,21,39522,205

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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