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The platform handled an average of around 802 million transactions per day, amounting to nearly Rs 97,913 crore in daily transaction value.
UPI processed 24.51 billion transactions worth Rs 29.82 lakh crore in August.
India’s unified payments interface (UPI) crossed a significant milestone in September, processing more than 800 million transactions a day on average for the first time, even as monthly transaction volumes and value remained below the record levels seen in August.
According to data shared by the National Payments Corporation of India (NPCI), UPI processed 24.07 billion transactions worth Rs 29.37 lakh crore in September. The platform handled an average of around 802 million transactions per day, amounting to nearly Rs 97,913 crore in daily transaction value.
While the September numbers were lower on a monthly basis compared with August, the comparison is partly affected by the number of days in the two months. UPI processed 24.51 billion transactions worth Rs 29.82 lakh crore in August, which had 31 days compared with 30 days in September.
The latest data nevertheless points to the continued deepening of digital payments in India, with both transaction frequency and the average value of transactions remaining high.
Anand Kumar Bajaj, founder and MD & CEO of PayNearby, said the latest numbers demonstrate how digital payments have become increasingly embedded in everyday transactions across the country.
“UPI’s continued momentum, with September transactions reaching 24.07 billion transactions worth 29.37 lakh crore, is a clear indicator of how deeply digital payments have become embedded in everyday life across Bharat. What is particularly significant is that this growth is no longer limited to large cities. Smaller towns, rural communities and neighbourhood merchants are increasingly becoming active participants in India’s digital payments journey,” Bajaj said.
The festive season could provide another boost to digital payments, with higher spending on retail, travel, gifting and household consumption expected to increase transaction activity.
“As the festive season gathers pace, we expect this adoption to accelerate further, with local retail, gifting, travel and household spending driving millions of additional digital payment transactions across the country,” Bajaj said.
The sustained growth in UPI transactions also comes against the backdrop of discussions around the economics of digital payments, particularly the viability of the merchant payments ecosystem.
Bajaj said that the expansion of digital payments needs to be accompanied by a framework that allows merchants and other participants in the ecosystem to remain economically sustainable.
“However, for digital payments to scale sustainably, we also need to ensure that the ecosystem remains viable for the merchants and networks powering the last mile. A balanced and well-calibrated MDR framework can create the economic headroom needed to invest in merchant enablement, assisted payments and consumer support,” he said.
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