UPI registers new all-time high transactions worth Rs 7.71 trn in October

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Unified Payments Interface, or UPI as it is prominently known, recorded more than 4 billion transactions in October. It is a new all-time high for the payment platform since its beginning, driven by the festive season. In esteem terms, the payments platform saw transactions worth Rs 7.71 trillion in October, a record high.

UPI had logged 3.65 billion transactions worth Rs 650 crore in September. On a month-on-month premise, UPI recorded a 15 percent hop in the volume of transactions and an 18.5 percent expansion in the value of transactions in October. Furthermore, on a year–on–year, the volume of transactions dramatically increased and the value of transactions additionally recorded an almost 100% bounce.

Launched in 2016, UPI has seen huge adoption, further sped up by the Coronavirus pandemic. It crossed 1 billion transactions for the very first time in October 2019. The next 1 billion transactions came in less than a year. In October 2020, UPI handled more than 2 Bn interestingly. Further, the journey from 2 billion transactions every month to 3 billion had navigated in 10 months. this demonstrated the mind-boggling popularity of UPI as a platform for retail digital payments among consumers.

it required just 3 months for the payments platform to reach 4 billion transactions each month from 3 billion. It had featured the massive adoption of digital payments in the country last 18 months or so. Beginning from July, UPI logged more than 3 billion transactions each month for three successive months. Furthermore, given the economy is seeing restoration and with the happy season buzz, UPI had expected to touch 4 billion transactions a month soon.

Recently, NPCI’s CEO Dilip Asbe had said that UPI transactions this year might touch 40-42Bn compared with 22Bn last year. So far in the calendar year, UPI has processed 29.94 billion transactions, worth nearly Rs 57.71 trillion. Further, NPCI is checking out $1 trillion worth of transactions through UPI on an annual basis.

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