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3h ago

UPI’s Daily Value Hits Rs 90,446 Crore in August as Government Reaffirms No Charges

An SBI analysis shows surging merchant payments driving usage across a few dominant categories.

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 reports the average daily value of UPI transactions rose from Rs 75,743 crore in January to Rs 90,446 crore in August, with SBI the top remitter at 5.2 billion transactions.
  • The Finance Ministry told Parliament there is no proposal to levy UPI transaction charges, citing Section 10A and the CBDT’s designation of UPI and RuPay under Section 269SU.
  • The government said it has provided about Rs 8,730 crore in incentives to support the UPI ecosystem across FY2021–22 to FY2024–25.
  • UPI set a monthly record in July with about 19.46 billion transactions worth roughly Rs 25.08 trillion, according to NPCI data.
  • By July, P2M accounted for 64% of UPI volume and 29% of value, with groceries leading by volume, debt collection leading by value, and the top 15 merchant categories making up 70% of transactions by volume.