India’s Unified Payments Interface (UPI) in October achieved a new milestone. The National Payments Corporation of India (NPCI) reported an incredible 16.58 billion transactions totaling Rs 23.50 lakh crore. This marks a 45 percent jump compared to the same month last year.It was largely fueled by increased spending during the festival season.
In the UPI ecosystem, the top banks for sending and receiving funds are State Bank of India (SBI), HDFC Bank, and YES Bank. In September, UPI recorded 15.04 billion transactions, totaling Rs 20.64 lakh crore while August saw nearly the same activity with 14.96 billion transactions worth Rs 20.61 lakh crore. October maintained this upward trend, averaging 535 million transactions per day, with the average daily transaction amount reaching Rs 75,801 crore.
In October, FASTag, the toll payment solution from NPCI saw a busy month with 345 transactions which marked an 8 per cent increase from the previous year. However, the Immediate Payment Service (IMPS) faced a small setback, reporting 467 million transactions, which is a 5 percent drop compared to last year, even though it was up from 430 million in September.
On a brighter note, the Aadhar-enabled payment system (AePS) experienced a strong boost, with monthly transactions jumping 26 percent year-on-year to hit 126 million.
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