The Unified Payments Interface (UPI) surged to Rs 20.64 lakh crore in value in the month of September, registering a growth of 31 per cent on a year-on-year basis, as the volume of transactions rose to 15.04 billion, up by 42 per cent YoY, data from the National Payments Corporation of India (NPCI) revealed on Tuesday.
Average daily transaction amount stood at 501 million, up from 483 million in August; average daily transaction amount reached Rs 68,800 crore from Rs 66,475 crore in August.
The value of UPI transactions processed remained above Rs 20 lakh crore for five consecutive months.
The Aadhaar Enabled Payment System (AePS) based financial transactions once again touched 100 million in September, with the transaction amount standing at Rs 24,143 crore.
The IMPS-based fund transfer was at 5.65 lakh crore, with a growth of 11 per cent YoY. The average daily transaction count was at 14 million and the amount daily was at Rs 18,841 crore.
Collecting Rs 5,620 crore -- a 10 per cent YoY growth -- NETC FASTag saw 318 million transactions in September with a 7 per cent growth. The NPCI data shows average daily volumes were 11 million, at Rs 187 crore as daily collection.
Industry observers believe that September UPI transaction numbers represent, for the nth time, how it has become a part and parcel of digital transactions in the country.
"The most interesting thing about the statistic is when September transactions are compared to July transactions. The value of transactions remained constant at Rs 20.64 lakh crore but the number of transactions jumped from 14.44 billion to 15.04 billion indicating how much it is being used for micro transactions," said Sunil Rongala, Senior Vice President, Head – Strategy, Innovation and Analytics, Worldline India.
Statistics for the previous month further reveal that it is person-to-merchant transactions which are leading the increase in volume of UPI transactions.
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