UPI processed 24.07 billion transactions worth Rs 29.37 lakh crore in September. Here is what the numbers mean and why they matter.

First, the growth is real. Volumes rose 23 per cent from September last year, and value rose 18 per cent. The data comes from the National Payments Corporation of India, which runs UPI.

Second, the monthly dip is not a slowdown. September’s total was slightly below August’s record, but only because September has 30 days and August has 31. Measured per day, September set records: 802 million transactions a day, worth Rs 97,913 crore.

Third, UPI keeps widening its lead. It is India’s main real-time payments rail, used for shopping, bills and transfers straight from bank accounts. IMPS transfers also grew 18 per cent to Rs 7.06 lakh crore.

Why it matters: digital payments now touch nearly every Indian household. High volumes support the government’s push for a less-cash economy.

What next: a 0.4 per cent fee on merchant UPI payments above Rs 2,000 starts October 15. Traders dropped a planned protest after meeting the Finance Minister. Small payments under Rs 2,000 stay free.