Record-Breaking UPI Transactions Surge During Festive Season
UPI transactions: UPI transactions are booming in the country. In October, their value increased by 34 percent to Rs 23.5 lakh crore.
Record-Breaking UPI Transactions Surge During Festive Season
UPI transactions | Internet Desk: Unified Payment Interface ( UPI ) transactions see a boost during the festive season. Not only in terms of numbers, but also in terms of value. The number of these transactions reached 1,658 crore in October, NPCI said. It has been revealed that the value of these transactions has reached Rs.23.5 lakh crore. It is said that UPI transactions have grown more than ever before.
On an annual basis, UPI transactions have registered a growth of 45 percent in terms of numbers and 34 percent in terms of value. In the month of September, the number of UPI transactions was recorded at 1,500 crore. It surpassed that number in October. Average daily transactions were 5 crores in September, while in October the figure rose to 5.35 crores. The number of transactions through FASTAG and Automated Toll Payment System increased by 8 percent to 34 crores. At the same time IMPS and bank-based IMPS transactions decreased by 5 percent to 46 crores.
More and more people are showing passion towards digital transactions. With this, many banks are preparing to provide these services. While the number of banks providing UPI services was 492 last year, this year the number has increased to 622.
