UPI Transactions Cross 10 Billion Mark For Second Month In September
The Unified Payments Interface crossed the 10-billion transactions mark in September for the second straight month, after reaching the level in August.
Over 10.55 billion transactions were recorded until Sept. 30, National Payments Corp. of India said, while sharing the payment systems statistics on 'X'. This was slightly lower from 10.58 billion transactions in August. However, up 55% from the 6.78 billion transactions recorded a year ago.
The overall value of transactions stood at Rs 15.79 lakh crore in September 2023 from Rs 15.76 lakh crore in August 2023. It stood at Rs 11.16 lakh crore transactions in September 2022.
UPI OverviewThe number of transactions reached 9.3 billion in June 2023 from 151 million in January 2018, as per data by Worldline.
UPI transactions consist of person-to-person and person-to-merchant transactions. As per India Digital Payments Report by Worldline for first half of 2023, the P2M transactions grew from 18.62 billion transactions in H1 2022 to 22.75 billion in H1 2023, a 22% increase.
In H1 2023, frequently visited in-store merchant categories such as grocery stores, restaurants, service stations, clothing stores, government services, pharmacies and hospitals accounted for around 65% in terms of volume and nearly 50% of the total transaction value, as per the Worldline data.
In the online space, e-commerce, gaming, utilities, government and financial services amounted to more than 80% of the total transaction volume and contributed to more than 75% of the total transaction value.
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