UPI transactions soar 9% to 955 million in September : Report

upi unified payment interface

The National Payments Corporation of India (NPCI) has revealed that the total number of UPI (Unified Payments Interface) transactions in the country stood at 955.01 million (95.50 crore) in the month of September. The current figure is a 9 per cent rise from last month’s 918.35 million (91.83 crore) transactions, cited Yourstory.

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 INR 1.61 lakh crore. While the total value transacted in the month of August on the UPI network stood at INR 1.54 lakh crore.

With this, the average transaction value of UPI payments stands at INR 1690.6 (per transaction) for the month of September. Whereas, in August, it stood at INR 1,682 (per transactions).

Furthermore, in September, the NPCI 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 INR 100 and made zero at offline merchants for transactions up to INR 100.

According to the latest notification, the MDR was also revised to 0.30 percent with a maximum cap of INR 100 per transaction.

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

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