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Unified Payments Interface (UPI) transactions recorded a slight dip in September 2025, even as year-on-year growth and daily averages continued to show strong momentum.
According to data from the National Payments Corporation of India (NPCI), total UPI transactions stood at 19.63 billion in September, down 2% from 20.01 billion in August. However, the transaction value inched up 0.2% to ₹24.90 lakh crore, compared to ₹24.85 lakh crore the previous month.
In July, UPI processed 19.47 billion transactions amounting to ₹25.08 lakh crore.
On an annual basis, UPI maintained its rapid expansion:
Daily transactions increased to 654 million in September from 645 million in August, while the daily transaction value rose to ₹82,991 crore from ₹80,177 crore.
Immediate Payment Service (IMPS) transactions saw a sharper fall in September:
In July, IMPS had handled 488 million transactions worth ₹6.31 lakh crore. Daily IMPS volumes dropped to 13.15 million from 15.50 million, while the daily value ticked up slightly to ₹19,895 crore.
Ramakrishnan Ramamurthy, Chief Delivery and Operations Officer – India, Worldline, said UPI continues to anchor India’s digital payments framework.
“UPI’s performance in September 2025 reaffirms its position as the backbone of India’s digital payments ecosystem. Recording 19.63 billion transactions worth ₹24.90 lakh crore, the platform witnessed robust year-on-year growth of 31% in transaction volume and 21% in value," he said.
He added that growing adoption in urban and rural regions, combined with product enhancements like higher transaction limits and credit lines on UPI, would drive future expansion.
Dilip Modi, Founder & CEO of Spice Money, said the numbers highlight a structural shift in payment behaviour.
“The record-breaking UPI performance in September… underscores the depth of India’s digital payments transformation. The daily average of over ₹82,991 crore highlights how UPI has become a backbone for both consumers and businesses," Modi said.
He noted that UPI’s expansion has fuelled financial inclusion for small merchants, gig workers and rural beneficiaries and that continued innovation and regulation would keep India at the forefront of digital finance.
According to data from the National Payments Corporation of India (NPCI), total UPI transactions stood at 19.63 billion in September, down 2% from 20.01 billion in August. However, the transaction value inched up 0.2% to ₹24.90 lakh crore, compared to ₹24.85 lakh crore the previous month.
In July, UPI processed 19.47 billion transactions amounting to ₹25.08 lakh crore.
On an annual basis, UPI maintained its rapid expansion:
- 31% growth in transaction volume compared to September 2024
- 21% rise in value over the same period
Daily transactions increased to 654 million in September from 645 million in August, while the daily transaction value rose to ₹82,991 crore from ₹80,177 crore.
Immediate Payment Service (IMPS) transactions saw a sharper fall in September:
- Volume fell 17% to 394 million from 477 million in August
- Transaction value declined marginally by about 0.3 per cent to ₹5.97 lakh crore
In July, IMPS had handled 488 million transactions worth ₹6.31 lakh crore. Daily IMPS volumes dropped to 13.15 million from 15.50 million, while the daily value ticked up slightly to ₹19,895 crore.
Ramakrishnan Ramamurthy, Chief Delivery and Operations Officer – India, Worldline, said UPI continues to anchor India’s digital payments framework.
“UPI’s performance in September 2025 reaffirms its position as the backbone of India’s digital payments ecosystem. Recording 19.63 billion transactions worth ₹24.90 lakh crore, the platform witnessed robust year-on-year growth of 31% in transaction volume and 21% in value," he said.
He added that growing adoption in urban and rural regions, combined with product enhancements like higher transaction limits and credit lines on UPI, would drive future expansion.
Dilip Modi, Founder & CEO of Spice Money, said the numbers highlight a structural shift in payment behaviour.
“The record-breaking UPI performance in September… underscores the depth of India’s digital payments transformation. The daily average of over ₹82,991 crore highlights how UPI has become a backbone for both consumers and businesses," Modi said.
He noted that UPI’s expansion has fuelled financial inclusion for small merchants, gig workers and rural beneficiaries and that continued innovation and regulation would keep India at the forefront of digital finance.
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