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The value of the Unified Payments Interface (UPI) increased to Rs 20.64 lakh crore in September, a 31% YoY increase, while the quantity of transactions reached 15.04 billion, a 42% YoY increase, according to data released on Tuesday by the National Payments Corporation of India (NPCI).

The average daily transaction amount increased to Rs 68,800 crore from Rs 66,475 crore in August and amounted to 501 million (up from 483 million in August).

For the last five months, the total amount of UPI transactions completed has exceeded Rs 20 lakh crore.

In September, the number of financial transactions made via the Aadhaar Enabled Payment System (AePS) surpassed 100 million, with a total transaction value of Rs 24,143 crore.

Fund transactions via the Immediate Payment Service (IMPS) were 5.65 lakh crore, representing an 11% YoY increase. With an average of 14 million transactions per day, the daily transaction value was Rs 18,841 crore.

In September, NETC FASTag recorded 318 million transactions, a 7% increase, and collected Rs 5,620 crore, a 10% YoY gain. According to NPCI statistics, average daily volumes were 11 million, with daily collection of Rs 187 crore.

Industry insiders said that the September UPI transaction figures demonstrate once again how integrated it has grown into the nation’s digital commerce.

When September transactions are contrasted with July transactions, the statistic becomes the most intriguing. According to Sunil Rongala, Senior Vice President, Head of Strategy, Innovation, and Analytics at Worldline India, “the value of transactions stayed at Rs 20.64 lakh crore, but the number of transactions increased from 14.44 billion to 15.04 billion, indicating how much it is being used for micro transactions.”

The data from prior months also show that person-to-merchant (P2M) transactions are driving the increase in the amount of UPI transactions.