UPI crosses 500 million daily transactions; value stays flat in September

In September 2024, Unified Payment Interface (UPI) transactions experienced a slight increase of 0.5%, from US$ 14.96 billion in August to US$ 15.04 billion. This marks the highest volume of transactions since UPI's launch in April 2016, with daily transactions exceeding 501 million and a total value of Rs. 68,800 crore (US$ 8.25 billion). In comparison, August recorded 483 million transactions valued at Rs. 66,475 crore (US$ 7.97 billion). UPI volume grew by 42% yearly, while value increased by 31%, reflecting its integral role in digital transactions in India. Senior Vice President at Worldline India, Mr. Sunil Rongala, noted that the growth is largely driven by Person to Merchant (P2M) transactions, indicating a rise in micro-transactions.

Conversely, Immediate Payment Service (IMPS) transactions fell 5% in volume to 430 million and 2% in value to Rs. 5.65 trillion (US$ 67.73 billion). FASTag transactions declined by 3% in volume to 318 million, though value slightly increased to Rs. 5,620 crore (US$ 673.70 million). Meanwhile, Aadhaar Enabled Payment System (AePS) transactions held steady at 100 million in volume. However, the value decreased by 2% to Rs. 24,143 crore (US$ 2.89 billion). Overall, these statistics highlight the evolving landscape of digital payments in India, with UPI leading the way.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.