UPI volume jumps 27% to touch 145 bn in first half
India's Unified Payments Interface (UPI) saw a 27% increase in transaction volume, reaching 145 billion in the first half of the fiscal year. While volume grew significantly, the total value of transactions rose at a slower rate of 20%, with slight month-on-month declines noted in September.
Why it matters
Demonstrates the continued rapid adoption of digital payment infrastructure in India, which is a critical indicator of the country's evolving digital economy.
UPI transactions through popular Unified Payments Interface (UPI) in volume terms have witnessed a 27% jump to around 145 billion in the first half of the current fiscal year.
This is against UPI volume 114 billion during April-September quarter of the previous financial year, as per data released by the National Payments Corporation of India (NPCI).
However, the UPI transaction during the value term rose a slightly lower rate of 20% to ₹177 lakh crore as against ₹148 lakh crore during the first six months of the current financial year. As regards September, the UPI volume moderated by 1.7% to 24.07 billion compared to 24.5 billion last month.
On a month-on-month basis, value, too, declined 1.5% to ₹29.37 lakh crore against ₹29.82 lakh crore in August. The figures come a fortnight ahead of the implementation of the new merchant discount rate fee on high-value UPI payments for merchants.
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