UPI Daily Transactions Cross 800 Million for the First Time: 24.07 Billion Transactions in September 2026
UPI processed 24.07 billion transactions worth Rs 29.37 lakh crore in September 2026, with average daily transactions crossing 800 million for the first time, NPCI data shows.
India's Unified Payments Interface (UPI) crossed a new daily milestone in September. According to data released by the National Payments Corporation of India (NPCI), the platform processed 24.07 billion transactions worth Rs 29.37 lakh crore in September 2026, with average daily transactions crossing 800 million for the first time.
Monthly volume eased from August's record of 24.51 billion, largely because September had one day fewer. Transaction value stayed below the all-time high of Rs 29.90 lakh crore recorded in May, though daily value climbed to a new high, suggesting slightly larger average payments during the month.
Daily Averages Hit Record Highs Despite Monthly Dip
Compared with August, transaction volume fell 1.8%, from 24.51 billion to 24.07 billion. Transaction value slipped 1.5% over the same period, from Rs 29.82 lakh crore to Rs 29.37 lakh crore. With value falling less than volume, the average ticket size edged up for the month, a reversal of what happened in August.
On a daily basis, UPI processed an average of 802 million transactions in September, up from 791 million in August. Average daily transaction value rose to Rs 97,913 crore from Rs 96,205 crore, both the highest daily levels recorded so far.
Month-on-Month and Year-on-Year Growth
| Metric | August 2026 | September 2026 | MoM Change | September 2025 | YoY Change |
|---|---|---|---|---|---|
| Transaction volume | 24.51 billion | 24.07 billion | -1.8% | 19.63 billion | +23% |
| Transaction value | Rs 29.82 lakh crore | Rs 29.37 lakh crore | -1.5% | Rs 24.90 lakh crore | +18% |
| Avg. daily volume | 791 million | 802 million | +1.4% | 654 million | +22.6% |
| Avg. daily value | Rs 96,205 crore | Rs 97,913 crore | +1.8% | Rs 82,991 crore | +18% |
Volume growth outpaced value growth on an annual basis, with volume up 23% against value's 18%. On a monthly basis, the pattern flipped: daily value grew 1.8% while daily volume grew 1.4%, a break from much of 2026, when volume consistently outran value.
PhonePe Leads, Google Pay Second as NPCI Awaits September App, Data
NPCI is yet to release app-wise transaction data for September 2026. The most recent available breakdown is for August 2026:
| App | Share of Transaction Volume (August 2026) | Share of Transaction Value (August 2026) |
|---|---|---|
| PhonePe | 45.64% | 47.82% |
| Google Pay | 32.26% | 33.78% |
| Paytm | 8.03% | 6.87% |
PhonePe retained its lead in August, followed by Google Pay and Paytm. Together, the three apps accounted for 85.93% of UPI transaction volume.
What the Numbers Suggest
September repeats last year's calendar pattern. In September 2025, volume dipped to 19.63 billion from 20.01 billion in August before UPI set a fresh record of 20.7 billion in October. Year-on-year growth continues to moderate: volume grew 23% this September against 31% in September 2025, while value growth eased from 21% to 18%. Monthly value has held in a narrow band just under Rs 30 lakh crore since May.
For merchants, fintechs and banks, October brings two tests at once. The new merchant discount rate (MDR) framework takes effect on October 15, applying a 0.4% fee, capped at Rs 300, to specified person-to-merchant payments above Rs 2,000, while smaller payments, person-to-person transfers and small merchants remain exempt. With festive spending running through October, the month's data will show whether seasonal demand pushes value to a fresh high, and whether merchants steer larger payments away from UPI once the fee applies.
Muskaan Kapoor
