UPI Sets New Record in October with 16.58 Billion Transactions Worth ₹23.5 Trillion

by adminUPI

In October 2024, the Unified Payments Interface (UPI) achieved a significant milestone, processing 16.58 billion transactions valued at ₹23.5 trillion, marking the highest volume and value since its inception in April 2016. This new record surpasses UPI’s previous peak of 15.04 billion transactions in September 2024 and ₹20.64 trillion in value recorded in July.

Growth Driven by Person-to-Merchant Transactions

The surge in UPI transactions was largely driven by person-to-merchant (P2M) payments, which saw a significant boost during the festival season in October. This marked the first time UPI crossed 16 billion transactions in volume and ₹23 trillion in value, highlighting the growing reliance on UPI for everyday purchases and services.

Compared to September 2024, October saw a 10% increase in volume and a 14% rise in transaction value. Data from the National Payments Corporation of India (NPCI) shows that 14.96 billion UPI transactions amounted to ₹20.61 trillion in August.

Daily Transaction Figures Soar

In October, daily UPI transactions reached a new high, crossing 535 million in volume and ₹75,801 crore in value, compared to 501 million transactions and ₹68,800 crore in September. Year-on-year, UPI transactions grew by 45% in volume and 37% in value.

Other Payment Systems Show Strong Growth

  • IMPS (Immediate Payment Service): October saw 467 million IMPS transactions, a 9% increase from September, totaling ₹6.29 trillion—an 11% increase in value from the previous month.
  • FASTag: The number of FASTag transactions grew by 8% in October, reaching 345 million transactions, worth ₹6,115 crore, compared to ₹5,620 crore in September.
  • Aadhaar Enabled Payment System (AePS): October saw 126 million AePS transactions, a 26% increase from September, with the total value growing 35% to ₹32,493 crore.

Year-on-Year Growth Across Transactions

  • IMPS: Volume grew by 5%, while value increased by 17% compared to October 2023.
  • FASTag: Volume rose 8% and value by 10% year-on-year.
  • AePS: A notable 26% increase in transaction volume and a 25% rise in value compared to October 2023.

The data underscores the growing adoption and trust in digital payment systems, with UPI leading the way in shaping India’s cashless economy.