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UPI volume slips 1.8% in September to 24.07 billion; Swish Go undercuts Zomato and Swiggy on a two-item order
Our read
The UPI dip is likely a one-month wobble, while Swish Go's price gap is the more consequential signal: Zomato and Swiggy will probably answer with targeted discounts and memberships rather than a broad price cut.
For operators
A single two-item basket cost Rs 461 on Swish Go against Rs 573.47 on Zomato and Rs 628 on Swiggy, so check your own delivery-platform pricing and fee stack on comparable baskets before customers start comparing; this is one order, not a trend.
Watch
NPCI's October UPI print against September's 24.07 billion transactions and Rs 29.37 lakh crore
The report,
UPI recorded 24.07 billion transactions worth Rs 29.37 lakh crore in September, down 1.8% month-on-month. A two-item order cost Rs 461 on Swish Go versus Rs 573.47 on Zomato and Rs 628 on Swiggy.
- Transactions, September
- 24.07 billion
- down down 1.8% month-on-month
- Transaction value, September
- Rs 29.37 lakh crore
- Average transaction size, September
- Rs 1,012
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Signals to track
- Fee, discount or membership changes by Zomato or Swiggy on small baskets
- A repeat price check showing Swish Go still near Rs 461 on the same two-item order
- Swish Go announcing new cities, funding or restaurant partners
- Zomato and Swiggy commentary on order growth and customer retention in their next results
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- Zomato and Swiggy are likely to test lower fees or sharper discounts on small orders in the areas where Swish Go operates, rather than cut prices platform-wide.
- Swish Go is likely to keep its low-price positioning and push into more pin codes while its Rs 461 basket still compares well with Rs 573.47 on Zomato and Rs 628 on Swiggy.
- Zomato and Swiggy may lean harder on membership and loyalty offers to protect repeat customers instead of matching Swish Go's headline price.
- Price-sensitive customers are likely to compare apps before checkout and split orders across platforms, which would raise churn risk for the higher-priced app.
- NPCI's October data is likely to show UPI volume recovering past September's 24.07 billion transactions if the dip was seasonal.
Background
Later reports that look back at earlier events in this story, newest first. They add context; nothing on this page has changed.
Resurfacing a September move: UPI 0.4% MDR on merchant payments above ₹2,000 from 15 October, capped at ₹300
On the record
Earlier Unified Payments Interface (UPI) reports on RetailIntel, newest first.
- : If UPI MDR is passed on, a Rs 50,000 payment costs Rs 200 extra; 5% card cashback returns Rs 2,500, says Paisabazaar CEO
- : GST Council takes no call on UPI MDR; deferment not its decision to make, says Sitharaman
- : RBI's Malhotra signals pause or hike, not a cut, as small UPI MDR charge shows no volume dip so far
- : RBI Governor Malhotra: a small UPI fee won't significantly dent transaction volumes
Channel facts
From the report. Source details below
| UPI average transaction size in September: | Rs 1,012 |
|---|
The source
First seen