Highlights
UPI Transactions in India
UPI transactions in India maintained their momentum in September 2025, with a total of 19.63 billion transactions valued at Rs 24.90 lakh crore, as per data released by NPCI. Although the transaction volume experienced a minor decrease of 1.9% compared to August’s 20.01 billion, the overall value witnessed a slight increase from Rs 24.85 lakh crore due to September having fewer days than August.
September’s Transaction Overview
The average number of daily transactions in September reached 654 million, resulting in a daily transaction value of Rs 82,991 crore. This marks an increase from August, which recorded 645 million transactions and a value of Rs 80,177 crore per day. In a year-on-year comparison, September’s transaction volumes surged by 31%, while transaction values saw a 21% increase. This is slightly lower than August’s growth rates of 34% in volumes and 21% in value.
As of August, PhonePe commanded a significant 45.74% share of the transaction volume, closely followed by Google Pay, which held 35.30%. Notably, both PhonePe and Google Pay surpassed the 9 billion and 7 billion monthly transaction milestones for the first time in August. In terms of sector performance, grocery and supermarket merchants recorded the highest utilisation of UPI services, with fast food and restaurant categories following closely. Detailed breakdowns for September remain forthcoming.
International Expansion of UPI
UPI continues to expand its global presence, having established operations in several new nations, including France and the UAE. Additionally, agreements are underway for deployment in Namibia, Trinidad and Tobago, and Peru. The system is currently operational in Bhutan, Singapore, Sri Lanka, Mauritius, and Nepal, and recently launched in Qatar.
