Festive season lights up UPI transactions
image for illustrative purpose
New Delhi: The Unified Payments Interface (UPI) is witnessing a festive season boom, with the average daily transaction value in October jumping 13 per cent over September to reach Rs94,000 crore, according to data from the National Payments Corporation of India (NPCI).
With more than a week still left in the month, UPI is on track to post its highest-ever monthly performance, driven by Diwali spending and recent GST rate cuts.
This marks one of the strongest month-on-month growth trends for UPI in the past few years.
UPI, which powers nearly 85 per cent of all digital payments in India, has also seen its daily transaction volumes hit new highs.
On the eve of Diwali, UPI recorded an all-time high of 740 million transactions in a single day.
The average daily volume for the month so far has been 695 million, up more than 6 per cent from September’s record of 654 million.
The festive season has always been a strong driver for UPI growth. Last year too, both Dusshera and Diwali falling in October had boosted digital payment activity.
