The total Unified Payments Interface transactions in India stood at a 955.02 million mark in September, according to data revealed by NCPI (National Payments Corporation of India), an Indian retail payments organization, which is a 9% rise from last month when the total UPI transactions in India stood at 918.35 million.
Likewise, the total value of transactions also stepped on the UPI network by almost 4.5%. The cumulative value transacted across the UPI network in September stood at Rs 1.61 lakh crore, while the total volume transacted in August stood at Rs 1.54 lakh crore.
The average transaction value of UPI payments stands at Rs 1,690.6 per transaction for September, while the average value for August stood at Rs1,682 per transaction. NPCI rationalized merchant discount rates for BHIM UPI transactions to promote digital payments last month.
MDR exemptions boost UPI transactions
Merchants Discount Rates for big-ticket transactions were capped at the highest of Rs 100 and made zero at offline merchants for transactions up to Rs 100. MDR has also been revised to 0.3 % with a cap of Rs 100 per transaction. When it comes to other payment infrastructure operated by National Payments Corporation, the total number of IMPS transactions in the nation marginally increased from 20 crores in August to 20.41 crores in September.
According to reports by BusinessLine, Mangar Agashe, Founder & VP at Sarvatra Technologies said that the MDR exemption had given an outstanding boost to UPI transactions, ever since the Kirana stores have been increasingly digitized. The trend is expected to get bigger as it gets widespread in the rural and semi-urban areas.
The total value transacted on IMPS also fell to Rs 1.83 lakh crore in September from Rs 1.89 crore in August. The total value of transactions transacted on the AePS ( Aadhaar Enabled Payment System) declined from Rs 10,034 crore in August to Rs 8,935 crores in September. The AePS transaction fell from 21.87 crores in August to 20.13 crore in September.