UPI average daily transactions top 800 million for first time as September volume reaches 24.07 billion

Key facts

• India's Unified Payments Interface (UPI) processed 24.07 billion transactions worth ₹29.37 lakh crore in September, with average daily transactions crossing 800 million for the first time, according to data shared by NPCI.
• On a daily basis, UPI processed around 802 million transactions worth nearly ₹97,913 crore, both record levels, though September's monthly totals were lower than August's 24.51 billion transactions and ₹29.82 lakh crore.
• September had 30 days compared with 31 in August, which primarily explained the lower monthly totals.
• Transaction values had remained around ₹96,000 crore a day between April and August even as volumes increased, as many of the additional transactions were small-ticket payments.
• Ganesh Chaturthi fell in mid-September this year and festive spending began, with major sales starting in October and Diwali falling in November.
• The new UPI merchant discount rate (MDR) framework takes effect from October 15, providing for an MDR on certain UPI person-to-merchant transactions above ₹2,000, while several categories and smaller transactions remain outside its scope.