Surge in UPI transactions in October; transactions reach a record of 17.16 trillion

In October, the value of Unified Payments Interface (UPI) transactions reached a record high of Rs 17.16 trillion, representing a 9% increase compared to September’s Rs 15.8 trillion. 

Similarly, the volume of transactions also reached a new peak at 11.41 billion, reflecting an 8% increase compared to September’s 10.56 billion.

According to data provided by the National Payments Corporation of India (NPCI), this volume increase is 56% higher than October 2022’s 7.30 billion, while the value increase is 42% higher than last year’s Rs 12.12 trillion. In August, the UPI numbers stood at 10.58 billion in volume and Rs 15.76 trillion in value.

The UPI value and volumes have reached their highest point due to the increased digital adoption by both merchants and customers. This adoption has been driven by the wider usage of various UPI-based third-party payment apps, which have consistently attracted new customers.

The volume of Immediate Payment Service (IMPS) transactions in October increased by 4% to 493 million, compared to 473 million in September. The value of these transactions also rose by 6% to Rs 5.38 trillion, as opposed to Rs 5.07 trillion in September 2023. This represents a 2% growth in volume and 15% in value compared to the same period last year.

In August, IMPS transactions totaled 489 million in volume and Rs 5.14 trillion in value. Meanwhile, Fasttag transactions saw a 7% increase in volume to 320 million in October, compared to 299 million in September. The value of these transactions also increased by 9% to Rs 5,539 crore, compared to Rs 5,089 crore in September.

The volume and value of October numbers increased by 13% and 24% respectively, compared to the same month last year. During the review period, the volume of Aadhaar-Enabled Payment System (AePS) decreased by 1% to 100 million, while the value decreased marginally to Rs 25,973 crore from Rs 25,984 crore in September 2023. In August, the volume and value were 107 million and Rs 27,500 crore respectively, which was a 15% decline in volume and 17% fall in value compared to the same period in 2022.