UPI volume jumps 32% on Diwali driven by last-minute festival buying
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓UPI transactions jumped 32 percent on Diwali as people did last-minute festival shopping.
- ✓Data from the National Payments Corporation of India showed volume reached 916.9 million on November 8, up from 695.7 million last year.
- ✓The total value also rose to Rs 90,029.43 crore, showing how digital payments keep growing.
Story at a Glance
- Category
- Indian Markets
- Reported By
- Business Standard
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
Transactions through the popular Unified Payments Interface (UPI) witnessed a 32 per cent surge in volume terms on Diwali driven by last-minute festival buying.
UPI volume increased to 916.9 million on November 8 from 695.7 million transactions on the same day last year, according to data released by the National Payments Corporation of India (NPCI).
In value terms, UPI transactions rose to Rs 90,029.43 crore on November 8 against Rs 88,350.79 crore last year.
A day prior to Diwali, the transaction volume was 975.8 million resulting in transfer of Rs 1,36,118 crore.
UPI is an instant payment system developed by the NPCI. NPCI, an initiative of the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA), is an umbrella organisation for operating retail payments and settlement systems in India.
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