In October, UPI transactions in India reached an all-time high, with 16.58 billion transactions valued at Rs 23.5 lakh crore, showcasing strong momentum towards digital payments. Data from the National Payments Corporation of India (NPCI) indicated a 10% rise in transaction volume and a 14% increase in value compared to September. Daily, this amounted to over 535 million transactions worth Rs 75,801 crore, marking a substantial increase from the previous month’s figures.
Immediate Payment Service (IMPS) also saw significant growth, with transaction volumes hitting 467 million in October, up 9% from September’s 430 million. The transaction value for IMPS rose to Rs 6.29 lakh crore, an 11% increase from the prior month. Similarly, FASTag usage surged by 8% to reach 345 million transactions totaling Rs 6,115 crore in value, while Aadhaar Enabled Payment System (AePS) transactions jumped by 26% to 126 million from 100 million in September.
Digital payments have been gaining traction, with their share doubling from 14-19% in March 2021 to 40-48% in March 2024, largely due to UPI’s expansion. In the first half of 2024, UPI transactions grew by 52% in volume, reaching 78.97 billion compared to the previous year’s 51.9 billion, while transaction value rose by 40%, from Rs 83.16 lakh crore to Rs 116.63 lakh crore, underlining India’s shift toward a cashless economy.
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