The Unified Payments Interface saw transaction values scale to Rs 20.64 lakh crore in September 2023, with huge 31% year-on-year growth. In terms of total UPI transactions, the growth was equally impressive at 42% year-on-year to 15.04 billion, reports the National Payments Corporation of India (NPCI).
The average transaction amount too has increased to Rs 68,800 crore in September, from Rs 66,475 crore in August. The average daily transaction count has also increased from 483 million in August to 501 million this month. Notably, the UPI transaction value has remained above Rs 20 lakh crore for five consecutive months.
Meanwhile, AePS also performed well, reporting 100 million transactions last September with a value of Rs 24,143 crore. Meanwhile, the fund transfers via the Instant Payment Service, or IMPS, stood at Rs 5.65 lakh crore while reporting a year-over-year growth of 11 percent. On an average daily basis, it reported 14 million transactions with a value of Rs 18,841 crore.
Vehicle toll payments rose 7% from the previous month. Total number of transactions processed stood at 318 million. The total collection from FASTag transactions was Rs 5,620 crore, which posted a year-on-year growth of 10%. Daily averages were at 11 million with a collection of Rs 187 crore.
According to industry experts, figures for September highlight that the UPI, in totality, has played a crucial role in spreading digital transactions across the nation. Noting that the overall transaction value remained stable at Rs 20.64 lakh crore, Sunil Rongala, Senior Vice President at Worldline India, pointed out that the increase in the number of transactions—from 14.44 billion in July to 15.04 billion in September—represents how increasingly microtransactions are through UPI.
Beyond that, continued growth in UPI transaction volumes appears to be mostly driven by P2M, indicating consumer adoption and behavior shifts toward digital payments in everyday commerce.
As UPI gains ground, the digitization of India’s payment landscape is increasingly proving rapid.
