The Unified Payments Interface (UPI) logged a record 16.58 billion transactions worth ₹23.5 trillion in October, the highest ever in terms of volume and value respectively since the inception of the system in April 2016. Earlier, UPI saw its peak of 15.04 billion transactions in the month of September 2024 and its value peak of ₹20.64 trillion in July. Much of the October growth was attributed to the volume of person-to-merchant transactions for festival spending crossing 16 billion and crossing ₹23 trillion in value.
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All About the UPI Transactions Record
Transaction volume and value both increased by 10% and 14% respectively when compared to September. The National Payments Corporation of India (NPCI) said that UPI saw 14.96 billion transactions amounting to ₹20.61 trillion in August. In October alone, UPI transactions crossed 535 million (daily average) at ₹75,801 crore against 501 million and ₹68,800 crore in September. The UPI volume and value for October grew on year by 45% and 37%, respectively.
The number of transactions through the Immediate Payment Service (IMPS) reached 467 million in October, up 9% from 430 million in September, while the value of these transactions grew by 11% to ₹6.29 trillion from ₹5.65 trillion in September. IMPS had handled 453 million transactions, worth ₹5.78 trillion in August. October was down 5% in volume but was up 17% in value compared to October 2022.
The number of FASTag transactions increased by 8% from 318 million in September to 345 million in October, and the value of transactions grew from ₹5,620 crore to ₹6,115 crore. August saw 329 million FASTag transactions valued at ₹5,611 crore. Compared to October last year, FASTag volume and value grew by 8% and 10%, respectively. Lastly, the Aadhaar Enabled Payment System (AePS) recorded 126 million transactions in October, a 26% increase from September’s 100 million, with transaction value rising 35% to ₹32,493 crore from ₹24,143 crore in September. Year-over-year, AePS saw 26% growth in volume and 25% in value.
FAQs
What was the record number of UPI transactions in October 2024?
October saw 16.58 billion UPI transactions, worth ₹23.5 trillion, the highest since UPI’s launch.
How did October’s UPI figures compare to September?
October’s transaction volume rose by 10% and transaction value by 14% compared to September.
