In September, UPI processed 6.8 billion transactions totaling Rs11.17 trillion

4 Oct 2022 , 08:40 AM

Unified Payments Interface (UPI), India’s leading digital payment system, set another record for transaction volume and value in September.

The National Payments Corporation of India (NPCI) recently revealed data showing that 6.8 billion transactions totaling Rs11.17 trillion were processed on the UPI platform in September. On a month-over-month (MoM) basis, it is up 3.05% and 4.06% in volume and value terms, respectively.

Transaction volume increased by 85.55% and value increased by 70.6% year over year (YoY). UPI transaction volumes exceeded six billion for the third month in a row. Real-time money movement is made possible via the UPI fund transfer system. It functions as a merchant payment system and a means of money transfer.

UPI transaction growth is mirrored by the economic economy’s total digital transaction growth. The digital payment index published by the RBI, which increased from 207.94 in March 2020 to 349.30 in March 2022, reflects this. This indicator shows the level of nationwide payment digitalization.

For feedback and suggestions, write to us at [e-mail]