UPI Transactions Reach Record High In October
Person-to-person payments constituted the majority of the overall UPI transaction value
India's home-grown Unified Payments Interface (UPI) technology achieved a total of 16.58 billion transactions valued at Rs 23.50 lakh crore, as reported by the National Payments Corporation of India (NPCI). This represents a 45 per cent year-on-year increase, driven largely by heightened spending during the festival season.
Analysis of the transaction data reveals that person-to-person (P2P) payments constituted the majority of the overall UPI transaction value, followed by person-to-merchant (P2M) transfers. The leading banks in the UPI ecosystem include State Bank of India (SBI), HDFC Bank, and YES Bank, which are prominent as both remitters and beneficiaries.
In September, UPI recorded 15.04 billion transactions worth Rs 20.64 lakh crore, while August saw 14.96 billion transactions totalling Rs 20.61 lakh crore.
On average, October saw approximately 535 million UPI transactions per day, with the average daily transaction amount reaching Rs 75,801 crore.
In addition, FASTag, another payment method managed by NPCI for tolls, registered 345 million transactions in October, marking an 8 per cent increase year-on-year. However, the immediate payment service (IMPS) experienced a 5 per cent decline year-on-year, recording 467 million transactions in October, an increase from 430 million in September. Meanwhile, the Aadhar-enabled Payment System (AePS) also grew, with a monthly volume of 126 million transactions, reflecting a 26 per cent year-on-year rise.
