UPI transaction volume dips slightly in September

UPI transactions in India remained strong in September 2025, with the platform processing 19.63 billion transactions valued at Rs 24.90 lakh crore, according to data from NPCI. While the transaction count showed a slight dip (1.9%) from August’s 20.01 billion, the total value edged higher from Rs 24.85 lakh crore.

The slight decline is partly due to September having fewer days than August.

The average daily transaction volume in September was 654 million, generating a daily value of Rs 82,991 crore, compared to 645 million transactions and Rs 80,177 crore per day in August.

On a year-on-year basis, September saw transaction volumes rise 31% and transaction values increase 21%, compared with August’s 34% growth in volumes and a 21% rise in value.

As of August, PhonePe held a 45.74% share of transaction volume, followed by Google Pay with a 35.30% share. For the first time, PhonePe and Google Pay crossed the 9 billion and 7 billion monthly transaction milestones, respectively, in August. Sector-wise, grocery and supermarket merchants recorded the highest UPI usage, followed by fast food and restaurant categories.

The breakup data for September is yet to be released.

UPI has expanded to several new countries, including France and the UAE, with agreements in place for Namibia, Trinidad and Tobago, and Peru. It is already operational in Bhutan, Singapore, Sri Lanka, Mauritius, and Nepal, and recently went live in Qatar.