UPI Transactions Soar to Record Rs 27.28 Lakh Crore in October: India's Digital Payment Revolution

UPI transactions have reached a significant milestone in India with 85 percent dominance in the digital payment ecosystem.

New Delhi:

October saw an unprecedented surge in Unified Payments Interface (UPI) transactions, reaching a record Rs 27.28 lakh crore in value and 20.7 billion in volume, according to data released by the National Payments Corporation of India (NPCI). This remarkable performance was largely driven by increased festive season spending.

The previous high in transaction value was Rs 25.14 lakh crore recorded in May, while the highest volume before this was 19.47 billion transactions in July.

NPCI data reveals a robust 16 percent year-on-year growth, with October transactions climbing from Rs 23.49 lakh crore in the previous year to Rs 27.28 lakh crore. Month-on-month growth was equally impressive at 9.5 percent, up from September's Rs 24.90 lakh crore value and 19.63 billion transactions.

During the festival month, daily transactions averaged 668 million with an average value of Rs 87,993 crore.

Spice Money CEO Dilip Modi commented, "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."

UPI has established itself as the backbone of India's digital payment ecosystem, accounting for 85 percent of all digital transactions in the country. Its influence extends globally, powering nearly 50 percent of real-time digital payments worldwide.

The payment system has already been implemented in seven countries: UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius. The expansion into France represents a significant milestone as UPI's first European presence, enabling Indian travelers and residents to make seamless payments without typical foreign transaction complications.

NPCI, established as an initiative by the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA), serves as the umbrella organization for operating retail payment and settlement systems in India. It manages the Unified Payments Interface (UPI) platform that facilitates real-time peer-to-peer payments and merchant transactions.