UPI’s October Record: Are Indians Paying More Per Transaction?
India’s Unified Payments Interface (UPI) processed a record 25.47 billion transactions worth ₹31.53 lakh crore in October, with the average value of payments rising for a second consecutive month as festive purchases lifted digital spending. The platform handled more than ₹1 lakh crore in payments a day for the first time, according to data from the National Payments Corporation of India (NPCI).
UPI transaction volume rose 23% year-on-year in October, while transaction value grew 16%. The gap between the two rates suggests that the increase in payment frequency outpaced the rise in the amount spent per transaction.
On a month-on-month basis, transaction volume increased from 24.07 billion in September to 25.47 billion in October, while transaction value rose from ₹29.37 lakh crore to ₹31.53 lakh crore. The increase in value was sharper than the rise in volume, reflecting the recent uptick in average payment size.
Reeju Datta, co-founder of Cashfree,...
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