Daily UPI transactions crossed 535 million in volume in October.
New Delhi:
Unified Payments Interface (UPI)-based digital transactions continued to rise and in the month of October, the country saw 16.58 billion transactions worth Rs 23.5 lakh crore, the highest since the UPI became operational in April 2016.
According to data shared by the National Payments Corporation of India (NPCI) on Friday, October saw an increase of 10 percent in volume and 14 percent in value compared to September.
Daily UPI transactions crossed 535 million in volume and Rs 75,801 crore in value in October – compared to 501 million in volume and Rs 68,800 crore in September.
There were 467 million Immediate Payment Service (IMPS) transactions in October, up 9 percent from 430 million in September. In terms of value, IMPS transactions rose 11 percent to Rs 6.29 lakh crore, compared to Rs 5.65 lakh crore in September.
Meanwhile, the number of FASTag transactions rose 8 percent to 345 million in October, compared to 318 million in September. Transactions worth Rs 6,115 crore were made in October, compared to Rs 5,620 crore in September.
There were 126 million transactions on the Aadhaar Enabled Payment System (AePS) in October, up 26 percent from 100 million in September, according to the NPCI data.
According to the latest article by economist Pradip Bhuyan from the Reserve Bank's Department of Currency Management, digital transactions in India have increased so much that the use of cash, which still accounts for 60 percent of consumer spending (as of March 2024), is rapidly declining. decreasing.
The share of digital payments has more than doubled from 14-19 percent in March 2021 to 40-48 percent in March 2024, with the Unified Payments Interface (UPI) playing a key role.
UPI-based transaction volume rose 52 percent to 78.97 billion in the first half of this year (H1 2024), compared to 51.9 billion in the same period last year.
Similarly, the value of transactions grew by 40 percent from Rs 83.16 lakh crore to Rs 116.63 lakh crore in the first six months of this year.
(Except for the headline, this story has not been edited by DailyExpertNews staff and is published from a syndicated feed.)
