UPI Processes 24.07 Billion Transactions Worth Rs 29.37 Lakh Crore in September
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Khushi Jain
- October 1, 2026
Unified Payments Interface (UPI) processed 24.07 billion transactions worth Rs 29.37 lakh crore in September 2026, according to data released by the National Payments Corporation of India (NPCI).
Transaction volume declined 1.8% month-on-month (M-o-M) from the record 24.51 billion transactions processed in August. Transaction value also fell 1.5% from Rs 29.82 lakh crore in August.
The monthly decline was partly due to the difference in the number of days, with August having 31 days compared with 30 days in September.
On a daily basis, however, UPI processed an average of 802 million transactions in September, compared with 791 million in August, marking a 1.4% increase. The average daily transaction value also rose to Rs 97,913 crore from Rs 96,205 crore in August.
On a year-on-year basis, UPI transaction volume grew 23%, while transaction value increased 18% in September.
UPI crossed the 23 billion monthly transaction mark for the first time in May 2026, processing 23.2 billion transactions worth Rs 29.90 lakh crore. It then processed 23.66 billion transactions in July before reaching a record 24.51 billion transactions in August.
PhonePe Led UPI Market in August
In August, PhonePe led the UPI market with a 45.64% share of transaction volume, followed by Google Pay at 32.26% and Paytm at 8.03%.
Together, the three apps accounted for 85.93% of UPI transaction volume. NPCI is yet to release the app-wise breakup for September.
In terms of transaction value, PhonePe held a 47.82% share in August, followed by Google Pay at 33.78% and Paytm at 6.87%.
UPI MDR Framework From October 15
Meanwhile, the new UPI Merchant Discount Rate (MDR) framework will take effect from October 15 for specified person-to-merchant transactions above Rs 2,000.
The framework provides for a 0.4% MDR, with a cap of Rs 300 for transactions of Rs 75,000 and above. UPI payments up to Rs 2,000 and person-to-person transactions will remain outside the levy.
The Supreme Court has declined to stay the rollout while issuing notices to the Centre, RBI and NPCI on a plea challenging the framework. The court has asked the respondents to file their responses within four weeks.
FAQs
1. How many UPI transactions were processed in September 2026?
UPI processed 24.07 billion transactions in September 2026.
2. What was the value of UPI transactions in September 2026?
UPI transactions were worth Rs 29.37 lakh crore in September 2026.
3. How did UPI transaction volume change year-on-year in September?
UPI transaction volume grew 23% year-on-year in September.
4. Which apps led the UPI market in August?
PhonePe led with a 45.64% share of transaction volume, followed by Google Pay at 32.26% and Paytm at 8.03%.
5. When will the new UPI MDR framework take effect?
The new UPI MDR framework will take effect from October 15 for specified person-to-merchant transactions above Rs 2,000.
