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4w ago

UPI Hits Record Daily Value in August as Government Reaffirms No User Fees

New state and category data point to surging peer-to-merchant payments with concentrated market leadership.

While users will not pay a fee for UPI transactions, some banks have already introduced charges for payment aggregators.
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Overview

  • SBI Research estimates average daily UPI value at Rs 90,446 crore in August, up from Rs 75,743 crore in January, with SBI the top remitter at 5.2 billion transactions.
  • UPI logged a monthly peak of about 19.47 billion transactions worth Rs 25.08 lakh crore in July, according to official data.
  • The finance ministry told Lok Sabha there is no proposal to levy transaction charges on UPI and noted about Rs 8,730 crore in incentives paid over FY2021–22 to FY2024–25.
  • Private banks have begun billing payment aggregators small settlement fees for UPI (ICICI at 0.02–0.04% capped at Rs 6–10, with similar moves by YES Bank and Axis Bank), while consumers continue to pay no charges.
  • NPCI’s new disclosures show grocery stores account for nearly a quarter of P2M volumes and debt collection leads by value at Rs 93,857 crore, with P2M’s share reaching 64% of volume and 29% of value in July.