India’s home-grown Unified Payments Interface (UPI) technology hit a new record in October, with a total of 16.58 billion transactions amounting to ₹23.50 lakh crore, according to data shared by the National Payments Corporation of India (NPCI). Festival season spending aided the 45 per cent year-on-year (y-o-y) rise in October UPI transactions.
Data from previous months show that person-to-person (P2P) mode of payment account for the chunk of overall UPI transaction value, followed by person-to-merchant (P2M) transfers. State Bank of India (SBI), HDFC Bank and YES Bank are the top remitter and beneficiary banks on the UPI ecosystem.
During September, a total of 15.04 billion transactions amounting to ₹20.64 lakh crore were recorded on UPI.In August, 14.96 billion transactions amounting to ₹20.61 lakh crore were conducted using UPI.
On an average, in the month of October, a total of 535 million transactions were conducted daily using UPI. The average daily UPI transaction amount stood at ₹75,801 crore last month.
FASTag, another toll road payment mode operated by NPCI, saw 345 million transactions in October, up 8 per cent y-o-y.However, Immediate Payment Service (IMPS) saw a decline of 5 per cent y-o-y to 467 million transactions during October. The number was, however, higher than 430 million transactions recorded in September.Aadhar enabled payment system (AePS) monthly volume too rose 26 per cent y-o-y to 126 million in October.