UPI transactions up over 3% at 678 crores in September

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UPI transactions grew by over 3 per cent to 6.78 billion in September from a month ago, data from NPCI showed on Saturday.

In August 2020, the total number of Unified Payment Interface (UPI) based digital financial transactions stood at 6.57 billion (657 crore).

In value terms, 6.78 billion (678 crore) transactions in last month corresponds to transactions worth Rs 11.16 lakh crore, up from Rs 10.73 lakh crore in August, as per the National Payments Corporation of India (NPCI) data. In July, India processed 6.28 billion UPI transactions worth Rs 10.62 lakh crore.

UPI is becoming a preferred mode among users and it is simple to use, fast and a secure payment method. Among other payments methods under the NCPI umbrella, the instant inter-bank payments through IMPS stood at 462.69 million (46.27 crore) in September slightly lower from 466.91 million (46.69 crore) in the preceding month. In July, it was 460.83 million (46.03 crore).

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.