Festive spending drives record UPI transactions in October
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Festive spending pushed UPI transactions to a record 25.47 billion in October.
- ✓Data from NPCI showed a 23% year-on-year rise, with transaction values hitting ₹31.53 lakh crore.
- ✓Reeju Datta said, "The festive season drove this rise." People used UPI for bigger festive purchases along with their everyday payments during the month.
Story at a Glance
- Category
- BUSINESS
- Reported By
- Economic Times
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
Festive spending pushed UPI transactions to a record 25.47 billion in October, up 23% year-on-year, while transaction value rose 16% to a record ₹31.53 lakh crore, according to NPCI data. Average daily transaction value crossed ₹1 lakh crore for the first time, driven by festive shopping, dining and online sales.
Festive spending drove a pickup in digital payments in October, with transactions on the Unified Payments Interface (UPI) rising to a record 25.47 billion, up 23% year-on-year, according to data released by the National Payments Corporation of India (NPCI).
UPI processed transactions worth Rs 31.53 lakh crore during the month, a 16% rise from a year earlier and the highest on record, signaling that the platform continues to expand even as consumers navigate higher prices of electronics and other festive purchases this year.
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Economic Times
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