Festive spending drives record UPI transactions in October
UPI, India's government-backed digital payment system, achieved record transaction volumes in October during the festive season. The 25.47 billion transactions represented a 23% year-on-year increase, while transaction value surged 16% to ₹31.53 lakh crore. Average daily transaction value crossed ₹1 lakh crore for the first time, reflecting strong consumer adoption across festive shopping, dining, and e-commerce categories.
Key points
- UPI transactions reached 25.47 billion in October, up 23% YoY
- Transaction value rose to ₹31.53 lakh crore, a 16% increase
- Average daily transaction value exceeded ₹1 lakh crore for the first time
- Growth driven by festive shopping, dining, and online sales
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