The Indian Wire » Startups » UPI transactions cross 400 million mark in September, grows at over 30%

UPI transactions cross 400 million mark in September, grows at over 30%

After reaching a milestone of 300 million transactions in August, UPI reaches yet another milestone, crossing 400 million transactions in September.

For the month of September, overall UPI transactions are pegged at 405.8 million, totalling over ₹59,835 crores, according to the National Payments Corporation of India (NPCI).

The UPI transaction grew at over 30% month-on-month, compared to last months, 312 million. While the transactions for the last month were valued at ₹54,212 crores.

Of the total, government-backed BHIM UPI registered 16.33 million transactions worth Rs 7,064.86 crore in September compared to 16.5 million transactions (totalling Rs 6,872.57 crore) in the previous month.

“Our country is embracing digital payments for their everyday use cases. Paytm has built an ecosystem where users can make payments for various services such as mobile recharges, electricity and water bills, metro commute and also at the offline stores,” Paytm Senior Vice President Deepak Abbot said.

Paytm claimed to register more than 137 million UPI transactions in September, making up more than 33% of the overall transactions. PhonePe claimed the top spot in UPI transactions for the month of August. While the UPI number for PhonePe and Google Pay remains undisclosed for September.

According to the NPCI data, the number of banks live on UPI have climbed up from the previous years 114.

Last month, NPCI launched UPI 2.0, which included new features like overdraft facility, one-time mandate, invoice in the inbox, and signed intent and QR, to make the transactions more seamless for the users.

Reach out to The Indian Wire!

Want to work with us? Looking to share some feedback or suggestion? Have a business opportunity to discuss?

You can reach out to us at [email protected] and we will get back in minutes.

Like us on Facebook!