UPI records 3.65 bn transactions worth Rs 6.54 trillion in September

The National Payments Corporation of India’s (NPCI) flagship payment platform, Unified Payments Interface (UPI), logged 3.65 billion transactions worth Rs 6.5 trillion in September, an all-time high, both in volume and value terms. It was also the third straight month with more than 3 billion transactions on the platform, signaling the wider digital payment adoption in the country since the Coronavirus (Covid-19) pandemic hit.

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. However, on a year-on-year basis, both volume and value of transactions have doubled, indicating the rapid pick up in retail digital payments over the last year or so.

In August, UPI logged 3.55 billion transactions worth Rs 6.39 trillion and in July it processed 3.24 billion transactions worth Rs 6.06 trillion.

UPI transactions may see further growth in October and November because of the festive season. Recently, NPCI’s CEO Dilip Asbe said that UPI transactions this year may touch 40-42 billion compared to 22 billion transactions last year. So far in the calendar year, UPI has processed 25.73 billion transactions, worth almost Rs 50 trillion.

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