Digital payment volumes in India saw a slight reduction in September 2025, with transactions conducted via the Unified Payments Interface (UPI) registering a marginal decline. According to the latest data released by the National Payments Corporation of India (NPCI) on Wednesday, UPI transactions fell to 19.63 billion in September, down from the record high of 20.01 billion recorded in August.
The small dip, representing less than a 2% decrease, follows months of aggressive growth, particularly leading up to the major festive season which typically peaks in the latter part of the calendar year.
While the number of transactions decreased, the total value of transactions remained robust, underscoring UPI’s cemented status as India’s preferred digital payment method. Analysts suggest that the slight moderation in volume is a natural correction after the previous month’s surge and does not signal any slowdown in the underlying adoption trend.
The 19.63 billion transactions confirm that UPI continues to operate at a scale of nearly 20 billion transactions per month, solidifying its position as the world’s most successful real-time payment system.
