UPI Transactions Rise 5.8% MoM To Record 25.47 Bn In October
India's Unified Payments Interface (UPI) hit record highs in October, processing 25.47 billion transactions valued at ₹31.53 lakh crore, representing 5.8% and 7.4% month-on-month growth respectively. Daily averages also surged, with 822 million transactions and ₹1.01 lakh crore in value processed daily for the first time. The growth coincided with the festive season following a marginal dip in September. The NPCI has deferred a planned merchant discount rate charge implementation originally scheduled for October 15.
Key points
- UPI hit record 25.47 Bn transactions and ₹31.53 Lakh Cr in value during October
- Daily averages crossed 822 Mn transactions and ₹1.01 Lakh Cr for the first time
- 23% YoY transaction growth driven by festive season demand
- Merchant charges rollout deferred past Diwali
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