New Delhi, Oct 1: The Unified Payments Interface (UPI) has seen a significant boost, recording a transaction value of Rs 20.64 lakh crore in September, which represents a 31% increase compared to the same month last year, according to the National Payments Corporation of India (NPCI) data showed on Tuesday. The total number of transactions climbed to 15.04 billion, marking a 42% year-on-year rise.
Average daily transactions increased to 501 million from 483 million in August, with the average daily transaction value rising to Rs 68,800 crore, up from Rs 66,475 crore the previous month. UPI transactions have maintained a value above Rs 20 lakh crore for five consecutive months, highlighting its vital role in India’s digital payments landscape.
Other digital payment methods also showed strong activity. The Aadhaar Enabled Payment System (AePS) achieved 100 million transactions in September, totaling Rs 24,143 crore. Immediate Payment Service (IMPS) fund transfers reached Rs 5.65 lakh crore, an 11% increase from last year, averaging 14 million transactions daily.
Additionally, the NETC FASTag system recorded 318 million transactions, a 7% increase, with collections amounting to Rs 5,620 crore, up 10% year-on-year. Daily FASTag transaction volumes averaged 11 million, generating Rs 187 crore in daily collections.
Experts view these figures as indicative of UPI’s strong presence in the digital payment sector. Sunil Rongala, Senior Vice President and Head of Strategy, Innovation and Analytics at Worldline India, noted the increase in micro-transactions, pointing out that while transaction values remained constant from July to September, the number of transactions surged from 14.44 billion to 15.04 billion.
