Summary:

In September 2024, Unified Payment Interface (UPI) transactions climbed by 0.5% to US$ 15.04 billion, the greatest volume since its inception in April 2016. Daily transactions topped 501 million, amounting to Rs. 68,800 crore (US$ 8.25 billion). Compared to August, which had 483 million transactions valued at Rs. 66,475 crore (US$ 7.97 billion), UPI volume increased by 42% year on year, driven mostly by Person-to-Merchant (P2M) transactions, demonstrating its critical position in India's digital payments.

In September 2024, Immediate Payment Service (IMPS) transactions fell 5% in volume to 430 million and 2% in value to Rs. 5.65 trillion. The volume of FASTag transactions declined by 3% to 318 million, but the value increased slightly to Rs. 5,620 crore (US$ 673.70 million). Aadhaar Enabled Payment System (AePS) transactions remained stable at 100 million, but the value fell by 2% to Rs. 24,143 crore (US$ 2.89 billion).

Source: IBEF 

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