UPI transaction volumes decline by 1.8% in September

New Delhi: Unified payments interface (UPI) transactions declined by 1.8 per cent in September compared to that in August, data released by the Reserve Bank on Thursday said.

The UPI system operated by the National Payments Corporation of India (NPCI) witnessed 2,407 crore transactions in September as against 2,450 crore transactions a month ago.

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The overall value of the transactions on the platform also declined by 1.50 per cent to Rs 29.37 lakh crore in September from Rs 29.82 lakh crore in August, the data showed.

The figures come a fortnight ahead of the implementation of the new merchant discount rate (MDR) fee on high-value UPI payments for merchants.

Industry watchers attributed the decline to the fact that August has 31 days versus 30 in September, and pointed out that the average transactions per day were higher in September at 802 million versus August's 791 million.

The IMPS platform, also run by NPCI, witnessed 35.40 crore transactions in which 7.05 lakh crore of value was involved, the September data release by the RBI said.

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The RBI-operated RTGS (real time gross settlement) platform witnessed 3.25 crore transactions with a value of Rs 235.71 lakh crore in September, while the NEFT platform saw 86.2 crore transactions in volume and Rs 46.75 lakh crore in value, the data showed.

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