[ad_1]
New Delhi: The Unified Payments Interface (UPI) has once again demonstrated its dominance in the digital payments landscape of India. According to the latest data from the National Payments Corporation of India (NPCI), UPI transactions surged to an unprecedented value of ₹20.64 lakh crore in September 2024. This marks a significant 31% year-on-year growth in transaction value1.
The number of transactions also saw a remarkable increase, jumping to 15.04 billion, which represents a 42% growth compared to the same period last year1. This surge highlights the growing adoption and reliance on UPI for everyday transactions across the country.
Industry experts attribute this growth to the increasing use of UPI for microtransactions, particularly in person-to-merchant (P2M) payments. Sunil Rongala, Senior Vice President, Head of Strategy, Innovation, and Analytics at Worldline India, noted, “The most interesting aspect of these statistics is the comparison between September and July transactions. While the value of transactions remained constant at ₹20.64 lakh crore, the number of transactions increased from 14.44 billion to 15.04 billion, indicating a higher frequency of smaller transactions”2.
The average daily transaction count stood at 501 million, up from 483 million in August, with the average daily transaction value reaching ₹68,800 crore2. This consistent growth underscores UPI’s role as an integral part of India’s digital economy.
In addition to UPI, other digital payment systems also showed robust performance. The Aadhaar Enabled Payment System (AePS) recorded 100 million transactions in September, amounting to ₹24,143 crore. Immediate Payment Service (IMPS) transactions totaled ₹5.65 lakh crore, reflecting an 11% year-on-year growth2.
As UPI continues to break records, it is clear that digital payments are becoming increasingly embedded in the daily lives of Indians, paving the way for a more cashless economy.
[ad_2]
