UPI Transactions Surge to Record Rs 94,000 Crore Daily in October Festive Season

UPI daily transactions have surged to Rs 94,000 crore in October, representing a remarkable 13 percent increase from September, according to National Payments Corporation of India (NPCI) data.

The Unified Payments Interface is experiencing a significant festive season upswing, with transactions poised to reach unprecedented monthly levels, fueled by Diwali expenditure and recent GST rate reductions.

This growth rate stands as one of the most impressive month-to-month increases for UPI in recent years.

As the platform responsible for nearly 85 percent of India's digital payment ecosystem, UPI has achieved new volume records as well.

On Diwali eve, the system processed an unprecedented 740 million transactions in just 24 hours.

The average daily transaction volume in October has reached 695 million, marking a 6 percent increase from September's 654 million record.

Festive periods consistently drive UPI growth. Last year, both Dussehra and Diwali occurring in October substantially boosted digital payment activity.

This year, while Dussehra fell in September, the Diwali celebrations on October 20 appear to have catalyzed another significant increase.

By October 20, UPI had already exceeded the Rs 1 lakh crore daily transaction threshold six times this month—twice the frequency observed in September.

Payment platforms typically experience peak activity at month beginnings due to salary disbursements and EMI settlements, followed by reduced spending.

UPI transactions often decline to approximately Rs 60,000 crore in daily value by mid-month. Given the current momentum, industry experts anticipate October will establish a new UPI record.

Monthly transaction value is projected to surpass Rs 28 lakh crore for the first time, exceeding the previous record of Rs 25 lakh crore.