UPI Make Unbreakeable Record to 15 billion mark, crosses transaction volume

For the first time since its inception, Unified Payments Interface, operated by the National Payments Corporation of India, at NPCI processed over 15 billion transactions in September. That’s up from 14.9 billion in August and 12.7 billion in the same month last year. Every day, on average, the transaction count was over 500 million, surging from 483 million in August.

The value of transactions-wise was the same, at Rs 20.64 lakh crore in September compared with August, according to NPCI data.

NPCI data also said that the IMPS for September logged 430 million transactions, amounting to Rs 5.65 lakh crore. The Aadhaar-Enabled Payment System, or AePS, processed 100 million transactions and Fastag volumes for the month of September were 318 million.

Data for September is yet to come out; however, on an application-wise market share basis, in August, Walmart-owned PhonePe led the list with over 48%, followed by Google Pay and Paytm. The government and NPCI have been considering a 30% market share cap in the UPI segment to avoid market concentration and foreclose the possibility of duopoly.

Sameer Nigam, PhonePe CEO, stated that market share cap on UPI is detaining the plan for the IPO of his company

For FY24, NPCI reported a jump of 37 per cent in net profit at Rs 1,134 crore. Its revenue also surged, up 42 per cent at Rs 3,278 crore consolidated, versus Rs 2,311 crore during FY23.

Launched in 2016, UPI is the flagship product of NPCI, which enables instant interbank funds transfer through mobile devices, making payments much easier for users and merchants alike.

At the Global Fintech Fest recently held in Mumbai, NPCI launched several innovations along with Bharat BillPay for Business-a BBPS, targeted at making business-to-business transactions smooth and frictionless across various enterprise resource planning and accounting platforms. Other features launched by NPCI include UPI Circle that would help expand digital payments.