IMPS fund transfers hit ₹7.06 lakh crore in September, up 18 percent

The Immediate Payment Service (IMPS) recorded a robust performance in September, according to NPCI data. The total value of instant fund transfers rose 18 percent year‑on‑year, reaching ₹7.06 lakh crore.

IMPS handled an average of 1.18 crore transactions per day during the month, with the average daily transaction value standing at ₹23,530 crore. These figures underscore the growing reliance on real‑time payment infrastructure alongside UPI.

In the same period, UPI continued its upward trajectory with 24.07 billion transactions and a total value of ₹29.37 lakh crore, while the daily transaction count averaged 80.2 crore.

Separately, merchant groups that had earlier called for a “No UPI Day” on October 2 retracted the proposal after a meeting with Finance Minister Nirmala Sitharaman. Their concerns focused on a proposed 0.4 percent fee on merchant UPI payments exceeding ₹2,000, a charge they argued could dampen adoption among small and medium businesses.