UPI hits 24 billion transactions in September; NPCI data shows 1.8% monthly dip amid MDR concerns

UPI transaction volume remained above the 24-billion mark in September despite a 1.8% month-on-month decline, according to data released by the National Payments Corporation of India (NPCI), even as concerns among traders over the introduction of a Merchant Discount Rate (MDR) from October 15 loom over the digital payments ecosystem.

The Unified Payments Interface recorded 24.07 billion transactions in September, compared with 24.51 billion transactions in August. Despite the monthly dip, UPI transaction volume grew 23% year-on-year, highlighting the continued expansion of digital payments in India.