UPI: UPI was heavily traded in the festive month of October, record transactions worth Rs 23.5 lakh crore

UPI Record: The rapid use of UPI in India is becoming an example for the whole world. At present, using UPI is one of the easiest payment systems in the country. There is a continuous increase in the use of UPI i.e. Unified Payment Interface (UPI). In October, 16.58 billion transactions took place through UPI in the country. Its value was around Rs 23.5 lakh crore and NPCI has given this information on Friday. This is the largest figure since the launch of UPI in April 2016.

Daily UPI transactions were 535 million in October

According to data released by the National Payment Corporation of India (NPCI), October saw a 10 percent increase in the number of transactions and 14 percent increase in value as compared to September. The number of daily UPI transactions in October was 535 million. During this period, the average daily transaction value was Rs 75,801 crore, whereas in September, the average daily transaction number was 501 million and the value was Rs 68,800 crore.

467 million transactions through IMPS

There were 467 million transactions through Immediate Payment Service (IMPS) in October, which is 9 percent more than the September figure of 430 million. Last month, the value of transactions through IMPS had increased by 11 percent to Rs 6.29 lakh crore as compared to September’s figure of Rs 5.65 lakh crore. The number of transactions through Fastag has increased by 8 percent to 345 million in October. In September this figure was 318 million. The value of Fastag transactions last month was Rs 6,115 crore, which was Rs 5,620 crore in September.

126 million transactions on Aadhaar enabled payment system

According to NPCI data, there were 126 million transactions on Aadhaar Enabled Payment System (AEPS) in October, which is 26 percent more than 100 million in September. The trend of digital payments is increasing rapidly in India. In March 2021, the share of digital transactions in consumer spending was 14 to 19 percent, which has now increased to 40 to 48 percent.

The number of UPI-based transactions increased by 52 per cent to 78.97 billion in the first half (April-September) of this year, from 51.9 billion in the same period last year. At the same time, in the first six months of this year, the value of UPI transactions has increased by 40 percent from Rs 83.16 lakh crore to Rs 116.63 lakh crore.

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