UPI Transactions Cross 1,000 Cr Mark For Second Consecutive Month In Sept

The Unified Payments Interface (UPI) processed 1,056 Cr transactions worth INR 15.8 Lakh Cr in  September this year, crossing the 1,000 Cr transaction threshold for the second consecutive month.

The number of UPI transactions grew over 3% month-on-month (MoM) while the transacted amount grew a little over 4%, as per data shared by the National Payments Corporation of India (NPCI) in a X (formerly Twitter) post. 

In August this year, UPI saw its monthly transactions cross the 1K Cr mark for the first time. The digital payments system processed 1,024.1 Cr transactions worth INR 15.18 Lakh Cr in August.

However, as per the latest data shared by NPCI, the total transaction count stood at 1,058 Cr in August 2023, which was worth INR 15.76 Lakh Cr. With these numbers in consideration, the MoM UPI growth was muted in September.

Meanwhile, UPI transactions rose 56% year-on-year (YoY) in September while the transaction value grew 41%.

UPI processed 678.1 Cr transactions worth INR 11.2 Lakh Cr in September last year.

The NPCI is yet to disclose app-wise data for UPI transactions for last month. In August this year, PhonePe continued to lead the show with 498.7 Cr transactions worth INR 7.7 Lakh Cr. Google Pay, Paytm, and CRED were respectively the next top three payments apps in terms of monthly UPI transactions.

In an attempt to further boost UPI in India and globally, the Indian government has been expanding the capabilities of the payments interface. Recently, the Reserve Bank of India (RBI) permitted scheduled commercial banks to offer credit lines to their customers through UPI.

Besides, the central bank’s governor, Shaktikanta Das, launched a few new technologies to make UPI payments more engaging, including conversational payments on UPI and small-ticket payments using Near Field Communication through the UPI Lite on-device wallet.

The NPCI is eyeing 100 Bn monthly transactions in the near future.

Globally, UPI has been expanded to multiple countries, including France, Bhutan, Nepal, UAE, and Canada. India is now in talks with New Zealand and several South American and African countries to introduce the payment interface in those nations.