Another milestone! Record-breaking October 2023 sees 11.41 billion UPI transactions worth Rs 17.16 lakh crore
According to NPCI, the volume of transactions reached a record high of 11.41 billion in October, marking an 8 percent increase from September's 10.56 billion transactions.
The National Payments Corporation of India (NPCI) on Wednesday announced that over 11 billion transactions amounting to Rs 17.16 lakh crore were conducted through the Unified Payments Interface (UPI) in October. The surge in transaction value during October was credited to the festive season, indicating the increasing reliance on digital payments, particularly via UPI.
According to NPCI, the volume of transactions reached a record high of 11.41 billion in October, marking an 8 percent increase from September's 10.56 billion transactions. UPI serves as a platform for immediate, round-the-clock money transfers using mobile devices.
The Ministry of Electronics and IT celebrated this achievement, highlighting the remarkable milestone of over 11 billion UPI transactions in October 2023. The Ministry emphasized the trend of seamless, real-time payments made through mobile devices using #UPI.
Mandar Agashe, the Managing Director of Sarvatra Technologies, commended the consistent milestones achieved by UPI in transaction volumes. Agashe attributed the surge in October's transactions to the festive season, indicating heightened consumer engagement, particularly within the e-commerce sector. He noted that consumers increasingly favor UPI due to its unmatched convenience and security features.
"There has been a notable increase in transactions in October, particularly due to the festive season. This surge is attributed to heightened consumer engagement, especially in the e-commerce sector," he said.