The Unified Payments Interface (UPI) network, operated by the National Payments Corporation of India, processed over 500 million daily transaction in September, according to data released by NPCI on October 1.
By value, UPI transactions stayed above the Rs 20 lakh crore mark for the fifth consecutive month. The average daily transaction were at Rs 68,800 crore against Rs 66,475 crore in the August.
Transactions grew 31 percent to Rs 20.64 lakh crore compared from the year-ago period, continuing the double-digit growth trend.
FASTag volumes remained unchanged at 11 million daily transactions but the value was higher at Rs 187 crore a day from Rs 181 crore in August.
The transaction amount at Rs 5,620 crore was 10 percent higher than the previous year and also up from the previous month.
Aadhaar Enabled Payment System transactions were also steady at 100 million in September. Daily transaction volumes jumped 3.33 million from 3.21 million in August and value rose to Rs 805 crore a day from Rs 796 crore.
Overall transactions for the month at Rs 24,143 crore were 7 percent lower.
Rising digital transactions indicate that consumption has also kept pace in the second quarter of the year.
In the June quarter, private final consumption expenditure expanded 7.4 percent compared with 4 percent growth in the previous quarter and 5.5 percent in the first quarter of FY24.
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