Global: UPI transactions up over 3% at almost 7 billion in September 2022

UPI transactions increased by more than three percent to 6.78 billion in September from a month prior, as per the data released by NPCI. The total number of digital financial transactions based on the Unified Payment Interface (UPI) in August 2020 was 6.57 billion.

According to figures from the National Payments Corporation of India (NPCI), there were 6.78 billion transactions last month, totalling Rs 11.16 lakh crore, up from Rs 10.73 lakh crore in August. India handled 6.28 billion UPI transactions of Rs. 10.62 lakh crore in July 2022.

UPI is becoming a preferred mode among users and it is simple to use, fast and a secure payment method. Among other payment methods under the NCPI umbrella, the instant inter-bank payments through IMPS stood at 462.69 million in September slightly lower than 466.91 million in the preceding month. In July, it was 460.83 million.

Aadhaar number-based AePS transactions stood at 102.66 million in September, as against 105.65 million a month earlier. In July, there were as many as 110.48 million AePS transactions.

During the Global Fintech Fest (GFF) 2022, RBI governor Shaktikanta Das also launched three key digital payment initiatives — RuPay Credit Card on UPI, UPI LITE, and Bharat BillPay Cross-Border Bill Payments — that will help boost digital transactions even further.

According to a statement by NPCI, together these initiatives give the potential to revolutionise the digital payments ecosystem and extend the reach of digital payments to many new users across India and abroad and aid the journey of onboarding the next 300 million users on digital payments.