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NEW DELHI — The Unified Payments Interface (UPI) surged to INR 20.64 lakh crore in value in the month of September -- a 31 per cent growth (year-on-year) -- while the number of transactions jumped to 15.04 billion, a growth of 42 per cent YoY, the National Payments Corporation of India (NPCI) data showed on Tuesday.
The average daily transaction amount stood at 501 million (up from 483 million in August) and average daily transaction amount reached INR 68,800 crore (from INR 66,475 crore in August).
The value of UPI transactions processed has remained above INR 20 lakh crore for five consecutive months.
The Aadhaar Enabled Payment System (AePS) based financial transactions again touched 100 million in September, with transaction amount stood at INR 24,143 crore.
Immediate Payment Service (IMPS)-based fund transfers stood at 5.65 lakh crore, a 11 per cent YoY growth. Average daily transaction count was 14 million, with INR 18,841 crore as daily transaction amount.
NETC FASTag saw 318 million transactions, a 7 per cent growth in September, with INR 5,620 crore collected -- a 10 per cent YoY growth. Average daily volumes were 11 million, at INR 187 crore as daily collection, as per the NPCI data.
Industry experts said that September UPI transaction numbers reflect, once again, how it has become a part and parcel of digital transactions in the country.
“The most interesting thing about the statistic is when September transactions are compared to July transactions. The value of transactions remained constant at INR 20.64 lakh crore but the number of transactions jumped from 14.44 billion to 15.04 billion indicating how much it is being used for micro transactions,” said Sunil Rongala, Senior Vice President, Head – Strategy, Innovation and Analytics, Worldline India.
The statistics from previous months also indicate that the growth in UPI transactions volume is being driven by person to merchant (P2M) transactions.