UPI growth flat in September, but over 10 billion payments processed

After making history by reaching the 10-billion mark for the first time in August, India’s instant payment system Unified Payment Interface (UPI) showed a slight decline in September, recording 10.56 billion transactions. This was down 0.2 per cent from 10.58 billion in August. In value terms as well, it was marginally up, increasing 0.3 per cent to Rs 15.8 trillion from Rs 15.76 trillion in August.

According to data from the National Payments Corporation of India (NPCI), this represented a 56 per cent rise in volume and a 41 per cent increase in value compared to September of the previous year. In September 2022, NPCI processed 6.7808 billion transactions worth Rs 11.16 trillion. In July 2023, the figures stood at 9.96 billion transactions and Rs 15.34 trillion in value.