Daily UPI Transactions Cross 500 Mn

October 02, 2024 08:30

Shine Jacob/Business Standard

Unified Payments Interface (UPI) daily transactions crossed 501 million in September, the highest ever since UPI turned operational in 2016.

It registered a marginal increase of 0.5 per cent in volume to 15.04 billion in September compared to 14.96 billion in August.

In value terms, Rs 68,800 crore (Rs 688 billion) were secured in value terms in September. The number remained almost static at Rs 20.64 trillion in September, compared to Rs 20.61 trillion in August.

The number of daily transactions is higher than 483 million and Rs 66,475 crore (Rs 664.75 billion) in August.

In July, the numbers were seen at 14.44 billion in volume and Rs 20.64 trillion in value.

According to the data shared by the National Payments Corporation of India (NPCI), in September, UPI volume posted a 42% year-on-year growth and 31% year-on-year growth in value.

"The September UPI transaction numbers reflect, once again, how UPI has become a part and parcel of digital transactions in India. Data shows an increase in 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 (transactions for buying goods or services)," he added.

The Immediate Payment Service (IMPS) transaction volume was down by 5 per cent in September to 430 million from 453 million in August.

In value terms, IMPS transactions were down by 2 per cent to Rs 5.65 trillion, compared to Rs 5.78 trillion in August.

In July, this was seen at 490 million in volume and Rs 5.78 trillion in value.

The September numbers were 9 per cent down in volume and 11 per cent up in value compared to the same month last year.

FASTag transactions saw a dip of 3 per cent in September to 318 million in volume, compared to 329 million in August. In value terms, this was seen marginally up to Rs 5,620 crore (Rs 56.20 billion) versus Rs 5,611 crore (Rs 56.11 billion) in August.

In July, FASTag volume was seen at 323 million and value at Rs 5,578 crore (Rs 55.78 billion). The month saw a 7 per cent rise in volume and 10 per cent in value compared to September 2023.

In September, the Aadhaar Enabled Payment System (AePS) remained at 100 million, the same as in August. This was 97 million in July. In value terms too, it was down by 2 per cent to Rs 24,143 crore (Rs 241.43 billion) compared to Rs 24,676 crore (Rs 246.76 billion) a month ago. The segment saw a 1 per cent dip in volume and 7 per cent in value compared to September 2023.

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