In September 2024, Unified Payment Interface (UPI) transactions witnessed a modest rise of 0.5%, climbing from US$ 14.96 billion in August to US$ 15.04 billion. This represents the highest transaction volume since UPI’s inception in April 2016, with daily transactions surpassing 501 million and a total value amounting to Rs. 68,800 crore (US$ 8.25 billion). In contrast, August saw 483 million transactions valued at Rs. 66,475 crore (US$ 7.97 billion). Year-over-year, UPI’s transaction volume surged by 42%, while its total value increased by 31%, underscoring its crucial role in India’s digital transaction ecosystem. Mr. Sunil Rongala, Senior Vice President at Worldline India, attributed this growth primarily to Person to Merchant (P2M) transactions, signaling an uptick in micro-transactions.
On the other hand, Immediate Payment Service (IMPS) transactions declined by 5% in volume, totaling 430 million, and decreased by 2% in value to Rs. 5.65 trillion (US$ 67.73 billion). Meanwhile, FASTag transactions also saw a 3% drop in volume, reaching 318 million, although their value slightly rose to Rs. 5,620 crore (US$ 673.70 million). The Aadhaar Enabled Payment System (AePS) maintained a steady volume of 100 million transactions, though its value dropped by 2% to Rs. 24,143 crore (US$ 2.89 billion). Collectively, these figures illustrate the dynamic nature of digital payments in India, with UPI standing out as the frontrunner.
