UPI transactions reaches 16.58 bn transactions worth Rs 23.5 trn in October

In October, there were 16.58 billion transactions made through the Unified Payments Interface (UPI), totaling Rs 23.5 trillion. This marks the highest volume and value for the digital payment system since it was launched in April 2016. Previously, UPI saw peaks of 15.04 billion transactions in September 2024 and Rs 20.64 trillion in value in July.

Historical data indicates that the significant increase in transactions is largely due to person-to-merchant transactions, which received a boost during the festival season in October. Notably, this was the first time UPI surpassed both 16 billion transactions and Rs 23 trillion in value.

October witnessed a 10 percent increase in volume and 14 percent in value compared to September. There were 14.96 billion UPI transactions amounting to Rs 20.61 trillion in August, according to data shared by the National Payments Corporation of India (NPCI). Daily UPI transactions in October crossed 535 million in volume and Rs 75,801 crore in value. That is compared to 501 million in volume and Rs 68,800 crore in September.

In October, UPI volume and value grew 45 percent and 37 percent year-on-year (Y-o-Y). There were 467 million Immediate Payment Service (IMPS) transactions in October, up 9 percent from 430 million in September. In value terms, IMPS transactions grew by 11 percent to Rs 6.29 trillion compared to Rs 5.65 trillion in September. In August, the volume and value of transactions were 453 million and Rs 5.78 trillion. October numbers were down 5 percent in volume and up 17 percent in value Y-o-Y.

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The number of FASTag transactions increased 8 percent in October to 345 million, compared to 318 million in September. Transactions worth Rs 6,115 crore were made in October, up from Rs 5,620 crore in September. In August, FASTag volume was seen at 329 million and valued at Rs 5,611 crore.

October recorded an 8 percent rise in volume and 10 percent in value compared to the same month last year. There were 126 million transactions on the Aadhaar Enabled Payment System (AePS) in October, up 26 per cent from 100 million in September. There were 100 million transactions in August too.

The value of transactions increased by 35 per cent to Rs 32,493 crore, compared to Rs 24,143 in September. The transaction value was Rs 24,676 crore in August. AePS saw a 26 percent growth in volume and 25 percent in value compared to October 2023.

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