UPI sets new record in Oct with 16.58 bn transactions worth Rs 23.5 trn

Growth in transactions driven by person to merchant transactions during festival season

There were 16.58 billion Unified Payments Interface (UPI) transactions worth Rs 23.5 trillion in October, the highest numbers for the digital system since it became operational in April 2016.

 

UPI’s previous peak was 15.04 billion in volume terms in September 2024 and Rs 20.64 trillion in value in July. Data from previous months shows that the growth in transactions is driven by person to merchant transactions (for buying goods or services), which got a festival season push in October. It was the first time that UPI crossed 16 billion in volume and Rs 23 trillion in value.

 

October witnessed a 10 per cent increase in volume and 14 per cent in value compared to September. There were 14.96 billion UPI transactions amounting to Rs 20.61 trillion in August, according to data shared by the National Payments Corporation of India (NPCI).

 

Daily UPI transactions in October crossed 535 million in volume and Rs 75,801 crore in value. That is compared to 501 million in volume and Rs 68,800 crore in September. In October, UPI volume and value grew 45 per cent and 37 per cent year-on-year (Y-o-Y). 

 

There were 467 million Immediate Payment Service (IMPS) transactions in October, up 9 per cent from 430 million in September. In value terms, IMPS transactions grew by 11 per cent to Rs 6.29 trillion compared to Rs 5.65 trillion in September. In August, the volume and value of transactions were 453 million and Rs 5.78 trillion. October numbers were down 5 per cent in volume and up 17 per cent in value Y-o-Y.

 

The number of FASTag transactions increased 8 per cent in October to 345 million, compared to 318 million in September. Transactions worth Rs 6,115 crore were made in October, up from Rs 5,620 crore in September. In August, FASTag volume was seen at 329 million and valued at Rs 5,611 crore. October recorded an 8 per cent rise in volume and 10 per cent in value compared to the same month last year.

 

There were 126 million transactions on the Aadhaar Enabled Payment System (AePS) in October, up 26 per cent from 100 million in September. There were 100 million transactions in August too. The value of transactions increased by 35 per cent to Rs 32,493 crore, compared to Rs 24,143 in September. Transaction value was Rs 24,676 crore in August. AePS saw a 26 per cent growth in volume and 25 per cent in value compared to October 2023.