Festival shopping lifts UPI transactions to record 25.50 billion in Oct
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓UPI transactions rose to 25.47 billion in October as festival shopping boosted digital payments.
- ✓The total value reached ₹31.5 lakh crore, showing a 16 per cent growth.
- ✓Anand Kumar Bajaj said, "UPI continues to make financial interactions simpler and more accessible across different sections of society." Activity should rise in November.
Story at a Glance
- Category
- BUSINESS
- Reported By
- Business Line
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
UPI transactions rose 5.8 per cent month-on-month to 25.47 billion in October, while the transaction value reached ₹31.5 lakh crore, according to data from the National Payments Corporation of India (NPCI). Festival shopping, Navratri and online sales boosted digital payments during the month.
The transaction value grew 16 per cent year-on-year, slower than the 23 per cent increase in transaction volumes, partly because Dhanteras and Diwali fell in November this year, unlike last year, when it was in October. After a period in which average transaction sizes had been declining, September and October saw transaction value grow faster than volumes, indicating an increase in the average value per transaction. As of September, 756 banks were live on UPI.
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