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The average daily transaction count crossed 500 million in September, compared to 483 million in August.
In terms of the value of transactions, it remained steady, totalling Rs 20.64 lakh crore in September, similar to August, according to data released by the NPCI.
Additionally, NPCI data showed that the Immediate Payment Service (IMPS) recorded 430 million transactions in September, amounting to Rs 5.65 lakh crore. Other payment methods like the Aadhaar-Enabled Payment System (AePS) processed 100 million transactions, while Fastag volumes for September reached 318 million.
Although app-wise data for September is yet to be published, Walmart-owned PhonePe led the market in August with over 48% share, followed by Google Pay and Paytm. The government and NPCI had earlier proposed a 30% market share cap in the UPI segment to prevent market concentration and reduce the risk of duopoly.
In response, Sameer Nigam, CEO of PhonePe, said that the market share cap on UPI is hindering the company’s plans for an initial public offering (IPO).
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For the fiscal year 2024, NPCI reported a 37% increase in net profit, reaching Rs 1,134 crore. Its total revenue also saw a significant rise, growing 42% to Rs 3,278 crore on a consolidated basis, compared to Rs 2,311 crore in FY23.UPI, launched in 2016, is the flagship product of NPCI, which enables instant bank-to-bank transfers via mobile devices, simplifying payments for users and merchants alike.
At the recent Global Fintech Fest in Mumbai, NPCI introduced several innovations, including Bharat BillPay for Business (BBPS), designed to streamline business-to-business (B2B) transactions across various enterprise resource planning (ERP) and accounting platforms. NPCI also rolled out features like UPI Circle, aimed at broadening the adoption of digital payments.
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