Mumbai: The transactions through the Unified Payments Interface (UPI) touched an all-time high in October. As per data released, the total the total transactions reached 4.22 billion in October. In September, it was 3.66 billion transactions.
The overall transaction value in October surged to Rs 7.71 lakh crore from Rs 6.54 lakh crore in September. In dollar value, UPI crossed USD 100 billion monthly transactions for the first time with around USD 103 billion transaction value in October.
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UPI is a mobile-based payment system used in India. It allows every user to make payments at any time using a Virtual Payment Address (VPA) that they generate. UPI offers both Person to Person and Person to Merchant payments. It also allows users to send and receive money.
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