UPI records over 500 million daily transactions in September
The Unified Payments Interface (UPI) network, run by the National Payments Corporation of India (NPCI), has hit a major milestone. In September, it handled over 500 million daily transactions. NPCI shared this info today, showing just how much digital payments are catching on in the country. Compared to the same period last year, UPI transactions saw a significant growth of 31% to ₹20.64 lakh crore. This continues the double-digit growth trend observed in previous months.
UPI transactions maintain high value for 5 months
UPI transactions have been smashing the ₹20 lakh crore mark for five months straight! In September, the average daily transaction was ₹68,800 crore, which is a nice bump from August's ₹66,475 crore. The data suggests that more and more Indians are embracing digital payment methods like UPI for their financial needs, contributing to its sustained growth over time.
FASTag volumes remain steady, value increases in September
While UPI is soaring, FASTag volumes have stayed pretty much the same, with 11 million daily transactions in September. But the value of these transactions went up a bit, from ₹181 crore in August to ₹187 crore per day. All in all, the total transaction amount for the month hit ₹5,620 crore, which is a 10% jump from last year and an uptick from the month before.
Aadhaar Enabled Payment System transactions remain steady
The Aadhaar Enabled Payment System (AEPS) kept its momentum going with 100 million transactions in September. Daily transaction volumes saw a slight uptick, rising to 3.33 million from 3.21 million in August. The value also went up, hitting ₹805 crore per day compared to ₹796 crore. However, despite these increases, the overall transactions for the month at ₹24,143 crore were 7% lower than the previous period.
