Top News

National Payment Corporation (NPCI) on Saturday released the data of Unified Payment Interface (UPI) transactions with the beginning of the new month. According to the latest data, a 25 percent jump has been recorded in the number of UPI transactions in the last month of October. This surge in UPI transactions has been recorded between the festive season and GST 2.0 reforms.

According to information shared by NPCI, UPI transaction count in October increased by 25 percent year-on-year to 20.70 billion.

Apart from this, transaction amount has also increased by 16 percent on annual basis to Rs 27.28 lakh crore. The average daily transaction count has been recorded at 668 million and the average daily transaction amount has been recorded at Rs 87,993 crore.

If we look at the figures for the month of September, the UPI transaction count in September has increased by 31 percent on an annual basis to 19.63 billion. Whereas the transaction amount has been recorded at Rs 24.90 lakh crore after an impressive growth of 21 percent on annual basis. September saw an average daily transaction count of 654 million and an average daily transaction amount of Rs 82,991 crore.

Furthermore, Immediate Payment Service (IMPS) data released by NPCI showed that the number of transactions increased from 394 million in September to 404 million in October. This increase has also been recorded in the transaction amount, which has increased from Rs 5.97 lakh crore in September to Rs 6.42 lakh crore in October.

Meanwhile, the recent report of Bank of Baroda shows that the spending through UPI during the festive season last month has also increased to Rs 17.8 lakh crore, which shows an increase of more than 17 percent as compared to Rs 15.1 lakh crore last year. This expenditure data was released through UPI for the period from Diwali to Dussehra.

Also read-