India’s UPI (Unified Payments Interface) reached an all-time high with 16.58 billion transactions valued at Rs 23.50 lakh crore in October month, according to the National Payments Corporation of India (NPCI). This marks a 45% increase compared to last year, largely due to increased spending during the festive season.
Payment Transaction Types
The data shows that person-to-person (P2P) transactions led the way in terms of transaction value, closely followed by person-to-merchant (P2M) transfers. Key players in the UPI ecosystem included major banks like State Bank of India (SBI), HDFC Bank, and YES Bank, which served as both remitters and beneficiaries in these transactions.
UPI Transactions in October
In September 2024, UPI recorded 15.04 billion transactions totaling Rs 20.64 lakh crore, while August saw 14.96 billion transactions amounting to Rs 20.61 lakh crore. October’s performance translates to an impressive daily average of 535 million transactions, with the daily transaction value averaging Rs 75,801 crore.
FASTag, IMPS, and AePS
Other NPCI-managed payment systems also reported notable performances in October. FASTag, used for toll payments, saw 345 million transactions, reflecting an 8% growth year-on-year. Meanwhile, the Immediate Payment Service (IMPS) witnessed a 5% decline year-on-year, with 467 million transactions, up from 430 million in September. Additionally, the Aadhar-enabled Payment System (AePS) recorded 126 million transactions in October, a 26% year-on-year increase.
Digital Payments Role
The steady rise in UPI transactions demonstrates India’s growing shift toward digital payments, driven by convenience and accessibility. The surge during the festive season emphasizes UPI’s role in supporting various types of transactions across the country, reflecting the platform’s importance in India’s payment landscape.
