Money transactions through online mode has increased at a rapid pace over the years. Now in every small towns and villages, people are well aware about money transaction or UPI payment. During the festival season, UPI has touched a landmark.
UPI transaction increase
The National Payments Corporation of India (NPCI) released Unified Payments Interface (UPI) transaction data on Saturday, marking the start of a new month. According to the latest data, the number of UPI transactions in October increased by 25 percent. This increase was driven by the festive season and the implementation of GST 2.0. According to information shared by NPCI, UPI transaction count in October increased by 25 percent year-on-year to 20.70 billion.
Furthermore, transaction volume also increased by 16 percent year-on-year to ₹27.28 lakh crore. The average daily transaction count was 668 million, and the average daily transaction amount was ₹87,993 crore.
What was the previous data?
Looking at the previous month’s data, September saw UPI transaction count increase by 31 percent year-on-year to 19.63 billion. Transaction volumes registered a remarkable 21 percent year-on-year growth to ₹24.90 lakh crore. September saw an average daily transaction count of 654 million and an average daily transaction amount of ₹82,991 crore.
Furthermore, Immediate Payment Service (IMPS) data released by NPCI shows that the number of transactions increased from 394 million in September to 404 million in October. This increase was also reflected in the transaction amount, which increased from ₹5.97 lakh crore in September to ₹6.42 lakh crore in October.
A report from Bank of Baroda
Meanwhile, a recent report from Bank of Baroda indicates that spending through UPI during the festive season last month also increased to ₹17.8 lakh crore, representing a growth of over 17 percent compared to ₹15.1 lakh crore last year. This data on UPI spending was released for the period from Diwali to Dussehra.