SUMMARY
- UPI has hit 15 billion transactions in a single month for the first time in September.
- UPI processed 15.04 billion transactions, worth Rs 20.64 lakh crore or Rs 20.64 trillion.
- This indicates a growth of 0.5% from the previous month and a 42% increase compared to September 2023.
Unified Payments Interface (UPI) has hit 15 billion transactions in a single month for the first time in September.
The National Payments Corporation of India (NPCI) has released figures showing that UPI processed 15.04 billion transactions, worth Rs 20.64 lakh crore or Rs 20.64 trillion.
In August, the total number of transactions increased to 14.96 billion, amounting to Rs 20,60,735.57 crore.
This indicates a growth of 0.5% from the previous month and a 42% increase compared to the same period last year. Notably, UPI reached the milestone of 10 billion transactions for the first time in August 2023. Consequently, the average number of transactions per day has also climbed above 500 million.
The platform recorded its first-ever 500 million daily transactions on July 2, 2024.
Although the data on transaction breakdown by application is not yet available from NPCI, PhonePe maintained a 48.36% market share in August, followed by Google Pay with 37.3% and Paytm with 7.21%.
CRED has climbed to the fourth position in terms of UPI transactions, with new players like Flipkart, NAVI, and BharatPe also advancing in the consumer-facing payments industry. Infibeam Avenues is preparing to launch its new payment app, RediffPay, into the UPI market.
Beyond its expansion in India, NPCI has introduced instant payment services in several countries, including Singapore, France, Mauritius, Nepal, Bhutan, Sri Lanka, and the UAE.
