India’s Unified Payments Interface (UPI) processed a reported 25.47 billion transactions worth ₹31.53 trillion in October, a reported monthly high during the country’s festival season.
The Economic Times, Entrackr and IANS reported the figures as data supplied by the National Payments Corporation of India (NPCI). Their reports put transaction growth at 23% from a year earlier and payment-value growth at 16%. NPCI’s public monthly statistics page still listed September as its latest entry on Nov. 1.
NPCI’s September entry listed 24,068.38 million transactions worth ₹29,37,396.67 crore, or about 24.07 billion transactions and ₹29.37 trillion. That was the second consecutive month above 24 billion transactions, following August’s 24,508.96 million. The same table puts August’s payment value at ₹29,82,355.95 crore. EconoTimes previously covered the two-month run above 24 billion transactions. Transaction totals count transfers, while payment value sums the rupees moved.
Entrackr reported that the October count rose 5.8% from September. October had 31 days, compared with September’s 30; the average daily transaction count rose 2.5% to about 822 million from 802 million, Entrackr said. Moneycontrol gave a slightly different October daily estimate of 821 million.
IANS reported that October’s average daily payment value was ₹1,01,707 crore, about ₹1.017 trillion, compared with ₹97,913 crore in September. The reported monthly value was 7.4% above September’s ₹29.37 trillion.
NPCI says UPI routes money between bank accounts in real time using infrastructure based on the Immediate Payment Service (IMPS). Cashfree co-founder Reeju Datta told The Economic Times that people used UPI for festival purchases alongside everyday payments. NPCI’s monthly figures do not classify transactions by purpose, so they do not show how much of October’s growth came from festival spending.
