From 14.9 billion in August to over 15 billion in September, the Unified Payments Interface (UPI), run by the National Payments Corporation of India (NPCI), broke a new record for the most transactions processed.

In September, there were more than 500 million transactions on average every day, up from 483 million in August.

According to NPCI data, the value of transactions were consistent, amounting to Rs 20.64 lakh crore in September, which was identical to August.

Furthermore, 430 million transactions of Rs 5.65 lakh crore were recorded through the Immediate Payment Service (IMPS) in September, according to NPCI data.

While 318 million Fastag transactions were made in September, 100 million transactions were conducted through other payment mechanisms such as the Aadhaar-Enabled Payment System (AePS).

PhonePe led the market with a share of almost 48 percent, followed by Google Pay and Paytm.

A 30 percent market share cap in the UPI segment was previously suggested by the government and NPCI in an effort to avoid market concentration and lower the possibility of a duopoly.

NPCI recorded a 37 percent increase in net profit for the fiscal year 2024, hitting Rs 1,134 crore. Its overall income increased significantly as well, rising from Rs 2,311 crore in FY23 to Rs 3,278 crore on a consolidated basis, a 42 percent increase.

The flagship product of NPCI, UPI was introduced in 2016 and makes payments easier for both consumers and businesses by enabling instantaneous bank-to-bank transfers through mobile devices.

In an effort to facilitate business-to-business (B2B) transactions across many enterprise resource planning (ERP) and accounting platforms, NPCI unveiled a number of innovations at the recent Global Fintech Fest in Mumbai, one of them being Bharat BillPay for Business (BBPS). With the goal of increasing the use of digital payments, NPCI has also launched initiatives like UPI Circle.