New Delhi (IANS): The Unified Payments Interface (UPI) witnessed significant growth in September, with the transaction count rising by 31 per cent year-on-year to reach 19.63 billion, according to data released by the National Payments Corporation of India (NPCI) on Wednesday. Transaction value also saw a 21 per cent increase, amounting to Rs 24.90 lakh crore for the month.
On a month-on-month basis, UPI transactions recorded a slight rise in transaction amount, from Rs 24.85 lakh crore in August to Rs 24.90 lakh crore in September. The average daily transaction amount in September stood at Rs 82,991 crore, up from Rs 80,177 crore in August. Similarly, the average daily transaction count increased to 654 million in September from 645 million in August.
Notably, August marked a milestone for UPI as transactions crossed the 20 billion mark for the first time in its history. Additionally, a record of over 700 million transactions in a single day was achieved on August 2. This steady growth trend has continued over the past few months despite challenges such as the ban on real money gaming platforms.
In a recent update, NPCI has raised the UPI transaction limits for person-to-merchant (P2M) payments to up to Rs 10 lakh in 24 hours for selected categories. This move is aimed at facilitating larger payments in key sectors and promoting digital adoption in high-value segments. The person-to-person (P2P) transaction limit remains unchanged at Rs 1 lakh per day.
Previously, users often faced limitations that compelled them to split payments or resort to traditional methods like cheques or bank transfers. Under the revised framework, the per-transaction limit for capital market and insurance payments has been increased from Rs 2 lakh to Rs 5 lakh, with a daily cap of Rs 10 lakh.
Similarly, the Government e-Marketplace transaction limit, including earnest money deposits and taxes, has been raised to Rs 5 lakh per transaction from Rs 1 lakh. Travel bookings, loan repayments, and EMI collections now also have increased per-transaction limits of Rs 5 lakh, up from Rs 1 lakh.
Credit card bill payments are permitted up to Rs 5 lakh per single transaction, with a 24-hour limit set at Rs 6 lakh. For loan and EMI collections, users can make payments of Rs 5 lakh per transaction, with a daily cumulative limit of Rs 10 lakh.
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https://www.freepressjournal.in/business/upi-sees-31-transaction-count-growth-at-1963-billion-npci
