After a Record August, UPI Transactions Drop 2.5%, Value Remains Steady

UPI transactions dipped 2.5% to 19.6 billion in September from 20.1 billion in August, though they rose 31% from last year’s 15 billion. Transaction value stayed near ₹24.9 lakh crore, up 21% YoY. Daily volume averaged 654 million. PhonePe and Google Pay led with 915 crore and 706 crore transactions. NPCI plans EMI-on-UPI, while RBI flags long-term sustainability, suggesting minimal charges may be needed.