The Unified Payments Interface crossed $100 billion in terms of transaction value for the first time in October, data from the National Payments Corporation of India showed, further cementing UPI’s position as India’s most popular digital payments system.
Around 4.2 billion UPI transactions amounting to ₹7.71 lakh crore (about $103 billion) were clocked in the month, marking all-time highs on both counts for the five-year-old payments channel. In September, UPI registered 3.6 billion transactions worth ₹6.5 lakh crore. This means the number of transactions jumped 15% and the value of transactions rose 18.5% in October, compared to September. The number and value of UPI transactions have more than doubled since the same period last year. The spurt in October came largely on the back of increased demand for online shopping amid festive season sales. The gradual reopening of the economy since the ebbing of the Covid-19 second wave also aided this growth.
UPI has passed several significant milestones since launch in 2016. It crossed a billion transactions for the first time in October 2019, and the next billion came in less than a year.