UPI crosses 800M daily transactions for first time
What's the story
India's Unified Payments Interface (UPI) has hit a major milestone, processing 24.07 billion transactions worth ₹29.37 lakh crore in September. The National Payments Corporation of India (NPCI) revealed that the average daily transaction volume crossed the 800 million mark for the first time ever. This growth is not just due to an increase in transaction count but also higher average transaction values, industry experts said.
Monthly comparison
Slight dip in total transaction count and value
Despite the record-breaking daily average, the total transaction count for September was lower than August's 24.51 billion.
The total value of transactions in September also fell short of August's ₹29.82 lakh crore.
However, it's important to note that September had 30 days compared to August's 31, which could explain the slight dip in overall numbers.
Value increase
Record high average daily transaction value
Along with the increase in transaction volume, the average daily transaction value on UPI also hit a record high in September.
It stood at nearly ₹97,913 crore per day.
This is an increase from August's average of ₹96,194 crore and even more so compared to last year's average of ₹83,000 crore per day.
Festive impact
Experts attribute growth to festive season
Reeju Datta, co-founder of Cashfree, said the lower monthly totals in September compared to August were mainly due to one less day.
He also noted that the average daily UPI transaction count crossed 800 million for the first time.
Industry experts believe this growth can be partly attributed to the onset of India's festive season, with Ganesh Chaturthi celebrations starting mid-September.