India’s Unified Payments Interface (UPI) recorded 24.07 billion transactions worth Rs 29.37 lakh crore in September 2026, reflecting the continued expansion of digital payments across the country. According to the latest transaction data, UPI recorded 33% year-on-year (YoY) growth in transaction volume and 18% growth in transaction value during September. However, transaction volumes moderated compared with August 2026, when UPI processed 24.51 billion transactions worth Rs 29.82 lakh crore. The average daily transaction count stood at 802 million in September, compared with 791 million in August.
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The average daily transaction value increased to Rs 97,913 crore in September from Rs 96,205 crore in August. The September numbers highlight the growing adoption of digital payments across India, particularly as smaller towns, rural communities and neighbourhood merchants increasingly participate in the country’s digital payments ecosystem.
PayNearby CEO Highlights Growing Digital Payments Adoption
Commenting on the latest UPI transaction numbers, Anand Kumar Bajaj, Founder, MD and CEO, PayNearby, said: “UPI’s continued momentum, with September transactions reaching 24.07 billion transactions worth 29.37 lakh crore, is a clear indicator of how deeply digital payments have become embedded in everyday life across Bharat. What is particularly significant is that this growth is no longer limited to large cities. Smaller towns, rural communities and neighbourhood merchants are increasingly becoming active participants in India’s digital payments journey. As the festive season gathers pace, we expect this adoption to accelerate further, with local retail, gifting, travel and household spending driving millions of additional digital payment transactions across the country. However, for digital payments to scale sustainably, we also need to ensure that the ecosystem remains viable for the merchants and networks powering the last mile. A balanced and well-calibrated MDR framework can create the economic headroom needed to invest in merchant enablement, assisted payments and consumer support.”
Fibe CEO Sees Opportunity for Payments and Credit Integration
Akshay Mehrotra, MD and Group CEO, Fibe, said the growing adoption of UPI presents an opportunity for fintech companies to connect digital payments with accessible credit: “India’s festive season is shaping up to be a celebration of consumer confidence, and UPI monthly transactions of 24.07 billion worth Rs 29.37 lakh crore show how firmly digital payments have taken root in everyday life. This momentum creates a great opportunity for fintech: connecting payments with timely, affordable credit for the people driving India’s consumption story. As the ecosystem grows, a balanced and sustainable economic model for UPI, including a modest MDR, can support continued investment in secure, reliable and innovative payment infrastructure. That is good news for everyone in the chain. We are optimistic about the road ahead. With payments, credit and technology coming together, India’s fintech sector is well placed to bring even more consumers into the formal financial system, and this festive season is a wonderful start.”
Also read: UPI Growth and the Road Ahead for Banks: Mehul Mistry, Zeta
UPI Transaction Performance: September vs August 2026
| Metric | September 2026 | August 2026 |
| Monthly transaction count | 24.07 billion | 24.51 billion |
| Transaction value | Rs 29.37 lakh crore | Rs 29.82 lakh crore |
| YoY transaction count growth | 33% | 20% |
| YoY transaction value growth | 18% | 20% |
| Average daily transactions | 802 million | 791 million |
| Average daily transaction value | Rs 97,913 crore | Rs 96,205 crore |
The September performance comes as the digital payments ecosystem prepares for increased activity during the festive season, when retail purchases, travel, gifting and household expenditure typically contribute to higher transaction activity. The industry leaders also highlighted the importance of maintaining a sustainable economic framework for UPI, particularly for merchants and service providers supporting digital payment infrastructure at the last mile.
