How Did UPI Transactions Achieve 31% Growth to 19.63 Billion in September?
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Synopsis
The recent surge in UPI transactions reveals a dynamic shift in digital payments in India. With a remarkable 31% growth in transaction count and a significant increase in transaction value, UPI is reshaping how financial transactions are conducted. This article delves into the latest NPCI data and implications for the future of digital payments.
Key Takeaways
- UPI transactions reached 19.63 billion in September.
- Transaction value increased to Rs 24.90 lakh crore.
- Average daily transaction value was Rs 82,991 crore.
- NPCI raised transaction limits for P2M payments to Rs 10 lakh.
- Growth in UPI indicates a shift towards a cashless economy.
New Delhi, Sep 1 (NationPress) The Unified Payments Interface (UPI) experienced a remarkable 31% year-on-year increase in transaction volume, reaching 19.63 billion transactions in September, according to data released by the National Payments Corporation of India (NPCI) on Wednesday. This growth was accompanied by a 21% rise in the total transaction value, amounting to Rs 24.90 lakh crore.
On a month-to-month basis, UPI also saw an increase in transaction value from Rs 24.85 lakh crore in August.
The average daily transaction value for September was Rs 82,991 crore, up from Rs 80,177 crore in August, as per the NPCI data.
In September, the average daily transaction count reached 654 million, a slight increase from 645 million in August.
Notably, August marked the first time UPI transactions exceeded 20 billion in a single month, following a record of over 700 million transactions in one day on August 2.
This achievement is part of a consistent upward trend witnessed in recent months, even in light of the prohibition on real money gaming platforms.
In a significant development, the NPCI has increased the UPI transaction limits for person-to-merchant (P2M) payments to Rs 10 lakh within a 24-hour period for specific categories.
This adjustment aims to foster larger transactions in essential sectors and promote digital adoption in high-value transactions. Meanwhile, the limit for person-to-person (P2P) transactions remains at Rs 1 lakh per day.
Previously, users faced limitations that forced them to divide payments or return to traditional methods like cheques and bank transfers. Under the new regulations, limits for capital market and insurance payments have been raised from Rs 2 lakh to Rs 5 lakh per transaction, with a daily cap of Rs 10 lakh.
Transaction limits for the Government e-Marketplace, including earnest money deposits and taxes, have also been increased to Rs 5 lakh per transaction, up from Rs 1 lakh. Similarly, limits for travel bookings, loan repayments, and EMI collections have been adjusted to Rs 5 lakh from Rs 1 lakh.
Credit card bill payments can now be made for transactions up to Rs 5 lakh, with a 24-hour limit set at Rs 6 lakh.
For loan and EMI collections, users can now transact Rs 5 lakh in a single transaction, with a daily cap of Rs 10 lakh.
Point of View
I emphasize the importance of UPI's growth in the broader context of India's digital economy. The increase in transaction limits and volumes reflects a promising shift towards a cashless society, ultimately enhancing convenience and efficiency for users. Our coverage aims to inform the public on these developments, reinforcing our commitment to reliable journalism.
NationPress
01/10/2025
Frequently Asked Questions
What was the transaction count for UPI in September?
UPI recorded a transaction count of 19.63 billion in September, marking a 31% year-on-year growth.
What is the new limit for person-to-merchant UPI payments?
The NPCI has increased the UPI transaction limit for person-to-merchant payments to Rs 10 lakh within 24 hours for specified categories.
How much did the average daily transaction value increase?
The average daily transaction value rose to Rs 82,991 crore in September, up from Rs 80,177 crore in August.
What was the average daily transaction count in September?
The average daily transaction count in September was 654 million, an increase from 645 million in August.
What changes were made to the limits for loan repayments?
The limits for loan repayments and EMI collections have been raised to Rs 5 lakh per transaction, with a daily limit of Rs 10 lakh.
