UPI transactions touch a record Rs 11.17 trillion in September, shows data

On a year-on-year (YoY) basis, volume of transactions was up 85.55 per cent and value of transactions was up 70.61 per cent during the same period.

India’s flagship digital payments platform, Unified Payments Interface (UPI), has created yet another record in September, both in terms of volume and value of transactions.

According to the latest data released by the National Payments Corporation of India (NPCI), the UPI platform recorded 6.8 billion transactions in September, amounting to Rs 11.17 trillion. It is up 3.05 per cent and 4.06 per cent in volume and value terms on a month-on-month (MoM) basis.

On a year-on-year (YoY) basis, volume of transactions was up 85.55 per cent and value went up 70.61 per cent.

For the third consecutive month, UPI transaction volumes breached the six-billion mark. UPI, as a fund transfer system, enables real-time movement of funds. It is both a funds transfer as well as a merchant payment system.

The growth in UPI transactions mirrors the upward trajectory of the overall digital transactions in the economy. This is reflected in the RBI’s digital payment index, which has risen from 207.94 in March 2020 to 349.30 in March 2022. This index indicates the extent of digitisation of payments across the country.