Delhi/Hyderabad, Nov 3 (Maxim News) Fuelled by festive buying, the transaction through the popular Unified Payments Interface (UPI) touched a record high of Rs 27.28 lakh crore and 20.7 billion in value and volume terms, respectively, in October, according to data released by the National Payments Corporation of India (NPCI).
In terms of value, the last highest recorded was Rs 25.14 lakh crore in May, while in terms of volume, the last high was 19.47 billion in July. NPCI said the value of transactions was at Rs 27.28 lakh crore in October against Rs 23.49 lakh crore in the same month a year ago, registering a 16 per cent growth on an annual basis.
On a month-on-month basis, the growth was 9.5 per cent in terms of value. The UPI transaction in value terms was Rs 24.90 lakh crore, while volume was 19.63 billion. The average daily transaction in October was 668 million with an average value of Rs 87,993 crore during the festival month.
“The steady rise in UPI volumes, particularly during high-traffic periods like Diwali, demonstrates the strength of India’s digital infrastructure and its ability to handle massive, real-time transactions seamlessly. “It also highlights how behavioural change has taken firm root, from large cities to the heart of Bharat, where digital payments are now part of daily life,” Spice Money CEO Dilip Modi said.
Today, UPI accounts for 85 per cent of all digital transactions in India. Its impact goes beyond national borders, powering nearly 50 per cent of global real-time digital payments. UPI is already live in seven countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius. Its entry into France is a milestone because it is UPI’s first step in Europe. This allows Indians travelling or living there to pay seamlessly without the usual hassles of foreign transactions.
NPCI, an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association, is an umbrella organisation for operating retail payments and settlement systems in India (IBA).
It runs the Unified Payments Interface (UPI) used for real-time payments between peers or at merchants’ end while making purchases.(Maxim News)
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