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UPI crosses 500 million daily transactions; value falls flat in September
Source: Business Standard
The Immediate Payment Service (IMPS) transaction volume was down by 5 per cent in September to 430 million from 453 million in August | (Photo: Shutterstock)
Unified Payment Interface (UPI) transactions saw a marginal increase of 0.5 per cent in volume, from 14.96 billion in August to 15.04 billion in September. The number of daily transactions crossed 501 million in volume and Rs 68,800 crore in value terms in September.
In volume terms, this is the highest number since UPI became operational in April 2016. The number of daily transactions was higher than 483 million and Rs 66,475 crore in August. In value terms, numbers remained almost static at Rs 20.64 trillion, compared to Rs 20.61 trillion in August. In July, the figures stood at 14.44 billion in volume and Rs 20.64 trillion in value.
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According to data shared by the National Payments Corporation of India (NPCI), UPI volume in September 2024 posted a 42 per cent year-on-year growth and a 31 per cent 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 transaction volume is being driven by Person to Merchant (P2M) transactions, i.e., 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 stood at 490 million in volume and Rs 5.78 trillion in value. The September numbers were 9 per cent lower in volume and 11 per cent higher 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 marginally up to Rs 5,620 crore from Rs 5,611 crore in August. In July, FASTag volume stood at 323 million, with a value of Rs 5,578 crore. The month saw a 7 per cent rise in volume and 10 per cent in value compared to September 2023.
In September, Aadhaar Enabled Payment System (AePS) volume remained at 100 million, the same as in August. This was 97 million in July. In value terms, it was down by 2 per cent to Rs 24,143 crore, compared to Rs 24,676 crore a month ago. The segment saw a 1 per cent dip in volume and a 7 per cent dip in value compared to September 2023.
First Published: Oct 01 2024 | 2:34 PM IST
