- Digital transactions surge during Diwali festival season
- NPCI data shows UPI crosses new transaction milestones
The festival of Diwali has given a massive boost to India’s digital economy, with Unified Payments Interface (UPI) transactions hitting unprecedented levels this October. According to data released by the National Payments Corporation of India (NPCI), UPI payments have created an all-time record, reflecting the rapid adoption of digital transactions across the country.
The NPCI data shows that the average daily transaction value through UPI reached Rs. 94 thousand crore in October, marking a 13 percent jump from September. Experts noted that this is the highest month-on-month growth seen in recent years. With a week still left in the month, analysts predict that UPI will mark its best monthly performance in history.
On the occasion of Diwali on October 20, payments through UPI surged dramatically. The platform recorded an all-time high of 74 crore transactions in a single day. So far this month, the average daily transaction count has been 69.5 crore, surpassing the September record of 65.4 crore. Unlike previous months where activity peaked early due to salary and EMI payments, this time festival spending has kept digital activity high throughout.
Meanwhile, October also witnessed an important shift in spending patterns due to recent GST rate changes and festive shopping trends. On multiple occasions, including the festival week, the daily transaction value crossed the one lakh crore rupee threshold — an achievement seen six times this month compared to only three in September. Experts estimate that the total transaction value will touch Rs. 28 lakh crore in October, surpassing the previous record of Rs. 25 lakh crore.
According to industry estimates, UPI currently accounts for nearly 85 percent of India’s total digital payment volume, demonstrating the platform’s central role in the country’s shift to digital finance.
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