UPI records 3.65 bn transactions worth Rs 6.54 trillion in September
On a month-on-month (MoM) basis, UPI's volume of transactions was up 3 per cent, and the value of transactions was up 2.35 per cent.
In September, the Unified Payments Interface (UPI), the National Payments Corporation of India (NPCI), reported 3.65 billion transactions totaling Rs 6.5 trillion, an all-time high in volume and value. The third month in a row, the platform saw more than 3 billion transactions, indicating increased digital payment adoption in the country since the Coronavirus (Covid-19) outbreak.
The volume of UPI transactions increased by 3% month over month (MoM), while the value of transactions increased by 2.35 percent. However, the importance and value of transactions have increased year over year, indicating a dramatic uptick in retail digital payments in the last year or two.
UPI processed 3.55 billion transactions worth Rs. 6.39 trillion in August, compared to 3.24 billion transactions worth Rs. 6.06 trillion in July.
Because of the holiday season, UPI transactions may experience an increase in October and November. According to NPCI’s CEO Dilip Asbe, UPI transactions could reach 40-42 billion this year, up from 22 billion last year. UPI has executed 25.73 billion transactions worth around Rs 50 trillion so far this calendar year.