UPI Sees Record High In Oct With 16.58 Bn Transactions

Marking a slight improvement from its previous peak of 15.04 billion transactions in September, Unified Payments Interface (UPI) set a new record by registering 16.58 billion transactions worth Rs 23.5 trillion in October, according to the data from the National Payments Corporation of India (NPCI). This is a record number for the digital system since its inception in April 2016.

UPI witnessed a 45 per cent year-on-year (YoY) growth in transaction count in October 2024 and a 37 per cent YoY growth in transaction amount. During October, there were 535 million average daily transactions processed by UPI. The average daily transaction amount stood at Rs 75,801 crore.

Numbers from previous months indicate an upward trend as far as the payments on UPI are concerned. In August 2024, the transaction count stood at 14.96 billion worth Rs 20.61 lakh crore. This surged in September 2024 as UPI processed 15.04 billion transactions amounting to Rs 20.64 lakh crore.

In October, there were 467 million immediate payment service (IMPS) transactions, up 9 per cent from 430 million in September. IMPS transactions grew by 11 per cent to Rs 6.29 trillion in value terms, as compared to Rs 5.65 trillion in September.

The number of FASTag transactions in October stood at 345 million, marking an 8 per cent YoY increase. The transactions stood at 318 million in September. As far as the Aadhaar Enabled Payment System (AEPS) is concerned, there were 126 million such transactions in October, witnessing a 26 per cent YoY growth in transaction count. The transactions were valued at Rs 32,493 crore, with 4.06 million average daily transactions taking place.