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.
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.
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.
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.
| 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. |
Awareness of current affairs is key to performing well in competitive exams. The Daily Current…
Canada has had many Prime Ministers since 1867, each playing an important role in shaping…
Over the past 12 years, India's microfinance sector has experienced an extraordinary expansion, with its…
In a world driven by dreams and innovation, some people have reached incredible heights of…
Introduction to HMPV Human Metapneumovirus (HMPV) is a significant respiratory virus that primarily affects young…
NITI Aayog, established on January 1, 2015, emerged as a visionary reform in India's governance…