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.

Summery of the news

Why in News	Key Points
Record UPI Transactions in October 2024	UPI processed 16.58 billion transactions worth Rs 23.5 trillion in October, setting a new record.
Previous UPI Records	Previous record: 15.04 billion transactions in September 2024, Rs 20.64 trillion in value in July 2024.
Growth in UPI Transactions	10% increase in transaction volume and 14% increase in value from September to October 2024.
Daily UPI Transactions in October	Daily average: 535 million transactions, Rs 75,801 crore in value.
Year-on-Year Growth in UPI	45% growth in transaction volume and 37% in value compared to October 2023.
Other Digital Payment Systems	IMPS transactions: 467 million, Rs 6.29 trillion; FASTag: 345 million, Rs 6,115 crore; AePS: 126 million, Rs 32,493 crore.
National Payments Corporation of India (NPCI)	NPCI oversees UPI and other digital payment systems in India.