UPI Volume Drops 1.8% Month-On-Month To 24.07 Billion In September

1 Oct 2026, 12:14 pm · 16h ago · 1 min read · Inc42

Unified Payments Interface (UPI) transaction volume fell 1.8% month-on-month to 24.07 billion in September from 24.51 billion in August, according to National Payments Corporation of India (NPCI) data. Total transaction value also declined 1.5% to ₹29.37 lakh crore from ₹29.82 lakh crore. Despite the monthly dip, transaction volumes rose 23% year-on-year, with daily volume averaging 802 million. The decline comes amid ongoing industry debates surrounding the Centre's new Merchant Discount Rate (MDR) framework set for October 15, which introduces a 0.4% charge on eligible person-to-merchant payments exceeding ₹2,000.