UPI Breaks Record in October with 16.58 Billion Transactions Worth Rs 23.5 Trillion

In October 2024, India’s Unified Payments Interface (UPI) set a new record, processing 16.58 billion transactions valued at Rs 23.5 trillion (approximately US$ 279.4 billion), the highest since UPI’s inception in April 2016. This achievement marked a significant 10% increase in transaction volume and 14% in value compared to September 2024.

The surge was primarily driven by a boom in person-to-merchant transactions during the festive season. The daily average of UPI transactions surpassed 535 million in volume and Rs 75,801 crore in value. Year-on-year, UPI transactions saw a 45% rise in volume and 37% in value.

Growth in UPI Volume and Value

October saw UPI transactions exceed 16 billion for the first time, setting a new record in both volume and value. The 10% volume and 14% value increase compared to September highlighted a clear upward trend, reflecting growing adoption during key festivals.

• UPI Volume and Value: 16.58 billion transactions worth Rs 23.5 trillion
• Daily Average: Over 535 million transactions, Rs 75,801 crore
• Year-on-Year Growth: 45% in volume, 37% in value

Performance of Other Digital Payment Systems

Along with UPI, other digital payment systems also saw substantial growth. IMPS transactions rose 9% in volume and 11% in value, while FASTag and Aadhaar Enabled Payment System (AePS) witnessed growth of 8% and 26%, respectively, in volume.

• IMPS Transactions: 467 million, valued at Rs 6.29 trillion
• FASTag Transactions: 345 million, valued at Rs 6,115 crore
• AePS Transactions: 126 million, valued at Rs 32,493 crore

Comparison to Previous Records

UPI’s volume and value in October 2024 surpassed the previous records set in September (15.04 billion transactions, Rs 20.64 trillion) and July (Rs 20.64 trillion). This continuous rise in usage underlines the increasing reliance on digital payments, especially during high-demand periods like the festival season.

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