UPI transaction down 2% in Sept; IMPS, FASTag, AePS also record decline

UPI transactions fell to 19.63 billion in September though value rose marginally, while IMPS, FASTag, and AePS also recorded declines in both volume and value

Unified Payments Interface (UPI) transactions dipped by 2 per cent in September to 19.63 billion against 20.01 billion in August.

 

However, in terms of value, transactions were marginally up by 0.2 per cent to ₹24.9 trillion during the month as against ₹ 24.85 trillion in August.

 

In July, the volume was seen at 19.47 billion, and value at ₹25.08 trillion. On an annual basis, UPI transactions were up by 31 per cent in volume and 21 per cent in value against September 2024.

 

“This sustained momentum in yearly growth highlights not only UPI’s deepening penetration across urban and rural India but also the increasing reliance of consumers and businesses on fast, secure, and low-cost digital payments,” said Ramakrishnan Ramamurthy, chief delivery and operations officer- India, Worldline.

 

 

During the month under review, daily transactions increased to 654 million in September, against 645 million in August. In value terms, this increased to ₹82,991 crore compared to ₹80,177 crore in August. 

 

“Looking ahead, recent enhancements such as increased transaction limits and the introduction of credit lines on UPI are set to expand its reach into high-value payments and credit-driven use cases. These innovations are expected to further consolidate UPI’s dominance in the digital payments landscape and accelerate India’s shift towards a less-cash, tech-enabled financial future,” said Ramamurthy.

 

Immediate Payment Service (IMPS) for the month was down 17 per cent to 394 million against 477 million in August. In value, it was marginally down by 0.3 per cent to ₹5.97 trillion in September versus ₹5.98 trillion last month. In August, this was ₹6.31 trillion for 488 million transactions. The number of daily transactions dipped from to 13.15 million from 15.50 million. The number of daily transactions in value was up .3 per cent to ₹19,895 crore.

 

FASTag transactions in September dipped by 10 per cent to 333 million from 371 million in August. This resulted in a dip in value by 4 per cent to ₹6,421 crore against ₹6,661 crore in August. In July, this was 371 million and ₹6,669 crore. Average daily transactions came down to 11.09 million with a value of ₹214 crore.

 

In September, Aadhaar Enabled Payment System (AePS) transactions stood at 106 million, down 17 per cent from 128 million in August. This was 103 million in July. The value of transactions was ₹27,388 crore against ₹32,329 crore last month. This was seen at ₹26,585 crore in July. The number of daily transactions came down from 41.5 million to 3.55 million during the month, bringing the value too down from ₹1,043 crore to ₹913 crore.