scorecardresearchUPI payments surpass ₹12-trillion mark in October on festival season

UPI payments surpass 12-trillion mark in October on festival season

Updated: 02 Nov 2022, 11:51 AM IST
TL;DR.
Digital payments platform processed 730 crore transactions worth 12.1-lakh crore during the month, primarily driven led by increased festival-related spending. We share more details here
The volume of transactions were higher by 73 per cent year-on-year and 8 per cent month-on-month

The volume of transactions were higher by 73 per cent year-on-year and 8 per cent month-on-month

Transactions through the Unified Payments Interface (UPI) platform crossed the 12-lakh-crore milestone in October, a month that also saw the number of transactions crossing the 700-crore mark.

The country’s premier digital payments platform processed 730 crore transactions worth 12.1-lakh crore during the festive month, primarily driven by increased festival-related spending, according to industry experts.

The volume of transactions were higher by 73 per cent year-on-year and 8 per cent month-on-month. In terms of value, transactions were higher by 57 per cent on year and 9 per cent month-on-month, according to National Payments Corporation of India (NPCI) data.

For FY23 so far, the UPI platform has processed 4,435 crore transactions totalling 75-lakh crore. In comparison, it processed 4,597 crore transactions, amounting to 84-lakh crore, in FY22.

NPCI had earlier said that the aim is to strengthen UPI over the next 3-5 years so that it could process 100 crore transactions a day.

Data also showed that transactions via the Aadhar-enabled payments service (AePS) platform rose to 31,113 crore in October from 26,666 crore in September, when it had seen a small dip from 27,186 crore in August.

In terms of volume, the number of AePS transactions rose to 11.8 crore in October, from 10.3 crore in September and 10.6 crore in August.

First Published: 02 Nov 2022, 11:51 AM IST