UPI sets new record with 16.5 billion transactions worth Rs 23 lakh crore in October
By Shweta Kumari | First Published Nov 1, 2024, 5:36 PM ISTThe Unified Payments Interface (UPI)-based digital transactions hit 16.58 billion transactions worth Rs 23.5 lakh crore in the month of October, the highest numbers since the UPI became operational in April 2016.
In yet another milestone moment, the Unified Payments Interface (UPI)-based digital transactions hit 16.58 billion transactions worth Rs 23.5 lakh crore in the month of October. It is the highest numbers since the UPI became operational in April 2016, signaling a robust shift toward a cashless economy.
Data released by the National Payments Corporation of India (NPCI) on Friday highlights an impressive 10% surge in transaction volume and a 14% increase in value compared to September.
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This growth translated to over 535 million UPI transactions daily, valued at a staggering Rs 75,801 crore each day—up from the 501 million daily transactions worth Rs 68,800 crore recorded in September.
Also read: New UPI features: Auto top-up likely to roll out on Nov 1, transaction limits hiked
October also witnessed a strong uptrend in Immediate Payment Service (IMPS) transactions, reaching 467 million, a 9% increase from September’s 430 million. IMPS transaction values swelled to Rs 6.29 lakh crore, reflecting an 11% uptick from September’s Rs 5.65 lakh crore.
FASTag transactions were no exception to this growth story, rising by 8% in October to hit 345 million, amounting to ₹6,115 crore in value, a notable increase from Rs 5,620 crore the previous month.
Aadhaar Enabled Payment System (AePS) also showcased significant growth, recording a 26% jump to 126 million transactions in October, compared to 100 million in September.
Shift to cashless transactions
The share of digital payments more than doubled from 14-19% in March 2021 to 40-48% in March 2024, with UPI playing a pivotal role. In the first half of 2024 alone, UPI transactions surged 52% in volume, reaching 78.97 billion from the previous year’s 51.9 billion, while transaction value grew 40% from Rs 83.16 lakh crore to Rs 116.63 lakh crore.
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