UPI Achieves Milestone of 500 Million Daily Transactions Despite Flat Value Growth in September

UPI Achieves Milestone of 500 Million Daily Transactions Despite Flat Value Growth in September

The Unified Payments Interface (UPI) has marked a significant achievement by surpassing 501 million daily transactions in September, the highest figure since its inception in 2016. The total transaction volume for the month reached 15.04 billion, reflecting a slight increase of 0.5 percent from 14.96 billion in August. However, the value of these transactions remained relatively stable at Rs 68,800 crore, showing minimal growth from Rs 20.61 trillion in August to Rs 20.64 trillion in September.

In comparison to August, when UPI transactions averaged 483 million daily and valued at Rs 66,475 crore, the September statistics demonstrate robust year-on-year growth, with transaction volume increasing by 42 percent and value by 31 percent. Sunil Rongala, Senior Vice-President at Worldline India, highlighted that the latest UPI data underscores its integral role in digital transactions within India, with an uptick in micro transactions noted.

The report from the National Payments Corporation of India (NPCI) also indicated a decline in Immediate Payment Service (IMPS) transactions, which dropped by 5 percent in volume to 430 million in September, with value decreasing by 2 percent to Rs 5.65 trillion. In contrast, FASTag transactions experienced a 3 percent dip in volume to 318 million, while value slightly increased to Rs 5,620 crore.

Aadhaar Enabled Payment System (AePS) transactions remained steady at 100 million in September, the same as the previous month, though value fell by 2 percent to Rs 24,143 crore. This reflects a slight year-on-year decline in both volume and value.

Overall, while UPI continues to grow in usage, other digital payment systems are facing fluctuations in transaction volume and value.