UPI Transactions Surge Past ₹1 Lakh Crore Daily

In October, India's Unified Payments Interface (UPI) achieved a landmark, with its average daily transaction value crossing the ₹1 lakh crore mark for the first time. This significant financial milestone was announced by the National Payments Corporation of India (NPCI), underscoring the robust growth in digital payments.

During October, UPI processed transactions averaging ₹1,01,707 crore per day. This increase coincided with a new monthly record, as total transaction value reached ₹31.53 lakh crore. The platform facilitated 25.47 billion transactions within the month, demonstrating a substantial rise in both volume and value compared to September.

NPCI data revealed a year-on-year growth of 23% in transaction count and 16% in transaction value. The average daily number of transactions also climbed to 822 million from 802 million in the preceding month. Reports suggest that heightened festive-season spending, a period of significant commercial activity in India, was a primary driver for this surge in UPI usage.

While October has 31 days compared to September's 30, the increase in average daily transaction value and volume indicates a genuine rise in per-day payment activity. This sustained growth highlights UPI's integral role in India's digital economy, facilitating both everyday transactions and major festive shopping.