In October, the National Payments Corporation of India (NPCI) reported that 16.58 billion transactions totalling Rs 23.50 lakh crore were made using India's indigenous Unified Payments Interface (UPI) technology, setting a new record.
The 45 per cent year-over-year (y-o-y) increase in October UPI transactions was facilitated by festival season spending. Person-to-person (P2P) payments account for the largest portion of the total UPI transaction value, according to data from prior months, with P2M transfers coming in second.
On the UPI ecosystem, the leading remitter and beneficiary banks are State Bank of India (SBI), HDFC Bank, and YES Bank. In September alone, UPI recorded 15.04 billion transactions totalling Rs 20.64 lakh crore. In August, UPI was used to conduct 14.96 billion transactions totalling Rs 20.61 lakh crore.
Value and average number of daily UPI transaction
October's average daily UPI transactions totalled over 53.5 crore in volume and were valued at Rs 75,801 crore, up from 50.1 crore and Rs 68,800 crore in September, respectively.
IMPS transactions value
Immediate Payment Service (IMPS) transactions increased by 9 per cent from 43 crore in September to 46.7 crore in October. Value-wise, IMPS transactions increased from Rs 5.65 lakh crore in September to Rs 6.29 lakh crore, an 11 per cent increase.
Fastag transactions
Between September and October, there were 34.5 crore FASTag transactions, an increase of 8 per cent from 31.8 crore in September. In October, Rs 6,115 crore worth of transactions were made, compared to Rs 5,620 crore in September.
AePS transaction in october
According to NPCI data, there were 12.6 crore transactions on the Aadhaar Enabled Payment System (AePS) in October, which is a 26 per cent increase from the 100 million transactions in September.
The share of digital payments more than doubled from 14-19 per cent in March 2021 to 40-48 per cent in March 2024, with unified payments interface (UPI) playing a key role.
Total UPI transaction in H1 2024
UPI-based transaction volume surged 52 per cent to 78.97 billion in the first half of this year (H1 2024), from 51.9 billion in the same period last year.
Similarly, the value of transactions grew by 40 per cent, increasing from Rs 83.16 lakh crore to Rs 116.63 lakh crore in the first six months of calender year 2024.
