UPI processes transactions worth Rs.12.11 trn in Oct

Mumbai: UPI processed 7.3 billion transactions, worth Rs 12.11 trillion, a record high in terms of the value of transactions in October. On a year-on-year basis, the volume of transactions in October was up 73 per cent, while the value of transactions was up 57 per cent, says the latest data released by the National Payments Corporation of India (NPCI).

NPCI conducted a pilot launch of UPI with 21 member banks. Banks have started to upload their UPI enabled Apps on Google Play store from 25th August, 2016 onwards. Every month, NPCI releases the data on UPI transactions for the month, highlighting the transaction value as well as volume. It compares this data as compared to previous month, while also highlighting data such as YoY increase/ decrease in transactions.

UPI crossed 1 billion transactions in October 2019, almost three years after its launch in 2016. But, the next incremental billion came in under a year, when in October 2020, UPI processed more than 2 billion transactions. In the next ten months, UPI topped 3 billion transactions a month.

Talking to Bizz Buzz, Sanjeev Chandak, Co-founder & CEO of ftcash says, "The government and regulatory authorities of India have been constantly looking at advancements in the digital payments ecosystem. Some of the most recent initiatives include the linkage of UPI to credit cards and launch of UPI Lite. UPI has been a game changer in real-time payments and is the most preferred choice of payment."

Digitization is enabling India to become a cashless economy and the surge in UPI transactions mirrors this upward trajectory towards digitization, he said.

UPI platform recorded 6.8 billion transactions in September and the festive month gave further boost with transactions reaching 7.3 billion in October. Digitization is enabling India to become a cashless economy and the surge in UPI transactions mirrors this upward trajectory towards digitization.