UPI processes over 7 billion transactions in October, record high since inception

On the basis of festive season spending, India's major digital payments platform, Unified Payments Interface (UPI), processed over 7 billion transactions in October, a record high for the platform since its establishment. According to the most recent figures from the National Payments Corporation of India (NPCI), UPI conducted 7.3 billion transactions worth Rs. 12.11 trillion (US$ 146.6 billion) in October, a record high in the terms of the transaction value. On a year-on-year basis, the October transactions volume was up 73%, while the value of transactions was up 57%.

So far in FY23, the UPI has handled 44.32 billion transactions worth Rs. 75 trillion (US$ 908.15 billion). UPI processed more than 46 billion transactions totalling Rs. 84.17 trillion (US$ 1.01 trillion) in FY22, breaking the US$ 1 trillion barrier. The payments platform is extremely likely to surpass the total number of transactions processed in FY22 in the first eight months of FY23.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.