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- UPI transactions declined 1.8% in September to 2,407 crore.
- Transaction value also dropped 1.50% to Rs 29.37 lakh crore.
- Daily average UPI transactions increased despite a monthly volume fall.
Amid speculations that payment through UPI would go down after October 15, as the proposed 0.4 per cent merchant discount rate (MDR) on certain payments over Rs 2,000 comes into effect, Unified Payments Interface (UPI) transactions declined by 1.8 per cent in September compared to August.
According to data from the Reserve Bank on Thursday, October 1, UPI witnessed 2,407 crore transactions in September, down 1.8 per cent from 2,450 crore transactions a month ago.
The overall value of the transactions through UPI--which is developed and managed by National Payments Corporation of India (NPCI) also declined by 1.50 per cent to Rs 29.37 lakh crore in the month under review from Rs 29.82 lakh crore the previous month, the data showed.
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Why Do UPI Transactions Fall?
The figures came a few days ahead of the implementation of the new merchant discount rate (MDR) fee from October 15 on over Rs 2,000 person-to-merchant (P2M) UPI payments.
However, industry sources, according to news agency PTI, attributed the decline to August having 31 days, compared to September's 30. They also noted that the average daily transactions rose to 802 million in September, up from 791 million in August.
IMPS Values Decline
The IMPS platform, operated by NPCI, recorded 354 million transactions worth 705 trillion rupees, according to September data released by the RBI.
The RTGS (Real-Time Gross Settlement) platform, also operated by the RBI, recorded 32.5 million transactions worth 2,357.1 trillion rupees in September, according to the data. The NEFT platform recorded 862 million transactions worth 467.5 trillion rupees.
With Inputs From PTI