UPI Achieves Record 16.58 Billion Transactions Worth ₹23.5 Trillion in October Driven by Festive Spending Surge

UPI Achieves Record 16.58 Billion Transactions Worth ₹23.5 Trillion in October Driven by Festive Spending Surge

The Unified Payments Interface (UPI) hit a new milestone in October, reaching 16.58 billion transactions valued at ₹23.5 trillion—the highest recorded for the system since its inception in April 2016. This marks the first time UPI transaction volumes surpassed 16 billion, with values exceeding ₹23 trillion in a single month.

The surge in October, spurred by festive season spending and a significant uptick in person-to-merchant (P2M) transactions, followed previous peaks of 15.04 billion in volume in September 2024 and ₹20.64 trillion in value in July. UPI’s October transactions represented a 10% increase in volume and a 14% increase in value from September, which had 14.96 billion transactions amounting to ₹20.61 trillion. National Payments Corporation of India (NPCI) data further highlights that daily UPI transactions in October surpassed 535 million, with values exceeding ₹75,801 crore. Compared to October 2023, UPI volume rose by 45%, while transaction value grew by 37%.

In parallel, the Immediate Payment Service (IMPS) also saw growth, recording 467 million transactions in October, an increase of 9% from September’s 430 million transactions. IMPS transaction value climbed by 11% month-on-month, totaling ₹6.29 trillion in October from ₹5.65 trillion in September. Year-on-year comparisons reveal a 5% dip in IMPS transaction volume but a notable 17% increase in value.

The FASTag payment system recorded 345 million transactions in October, reflecting an 8% increase from September’s 318 million. The value of FASTag transactions reached ₹6,115 crore, marking a 10% rise from the previous month and an 8% increase in transaction volume from October last year.

Aadhaar Enabled Payment System (AePS) transactions also registered significant growth, reaching 126 million in October—a 26% rise over September’s 100 million. Transaction values for AePS climbed to ₹32,493 crore in October, marking a 35% increase over the previous month. Compared to October 2023, AePS experienced a 26% increase in transaction volume and a 25% growth in value.