UPI transactions reach an all-time high, crosses 950 million mark in Sept

Total UPI transactions in the country stood at 955.02 million, with a total Rs 1.61 lakh crore transacted across the payment network in September.

Indian retail payments organisation, the National Payments Corporation of India (NPCI), on Tuesday revealed data which said the total Unified Payments Interface (UPI) transactions in the country stood at 955.02 million (95.50 crore) in the month of September.

This is a 9 percent rise from last month when total UPI transactions in the country stood at 918.35 million (91.83 crore).

Similarly, the total value of transactions also climbed on the UPI network by almost 4.5 percent. The total value transacted across the UPI network in the month of September stood at Rs 1.61 lakh crore. While the total value transacted in the month of August on the UPI network stood at Rs 1.54 lakh crore. 

With this, the average transaction value of UPI payments stands at Rs 1690.6 (per transaction) for the month of September. This is not much of a change from August, when the average transaction value on UPI payments stood at Rs 1,682 (per transaction). 

Last month, NPCI, which operates the UPI infrastructure, rationalised merchant discount rates for BHIM UPI transactions to promote digital payments.

Merchant discount rates (MDR) for large ticket transactions was capped at a maximum of Rs 100 and made zero at offline merchants for transactions up to Rs 100. According to the latest notification, the MDR was also revised to 0.30 percent with a maximum cap of Rs 100 per transaction.

When it comes to other payment infrastructure operated by NPC, total number of IMPS transactions in the country marginally increased to 204.16 million (20.41 crore) in September from 200 million (20 crore) in August.

Additionally, total value transacted on IMPS also marginally fell from Rs 1.89 lakh crore in August to Rs 1.83 lakh crore in September. 

While AePS transactions in the country stood at 201.34 million (20.13 crore) in September, according to NPCI data. In August, total AePS transactions, in the country stood at 218.75 million (21.87 crore).

The total value of transactions transacted on the AePS also declined to Rs 8935 crores in September from Rs 10,034 crore in August.

(Edited by Megha Reddy)