Unified Payments Interface (UPI) transactions surged to a record 20.7 billion in October, as per data released by the National Payments Corporation of India (NPCI). This reflects a 3.6% month-on-month (MoM) increase, rising from 19.63 billion in September and 20.1 billion in August, underscoring the continued expansion of India’s digital payments ecosystem.

Key Highlights

• UPI hits 20.7 billion transactions in October, up 3.6% month-on-month, driven by festive demand.
• Transaction value rises 9.5% to ₹27.28 lakh crore; smaller players like Navi and Bhim gain traction.

In terms of value, UPI transactions reached ₹27.28 lakh crore in October, up 9.5% from ₹24.9 lakh crore in September. On average, the platform processed around 668 million transactions per day, with an average daily transaction value of ₹87,993 crore. Compared to the same month last year, transaction volumes rose 25%, while total transaction value grew 16%, highlighting the platform’s robust annual growth trajectory.

The festive season played a major role in driving this surge. On October 18, UPI crossed the 750 million transactions mark in a single day for the first time. Reports noted that UPI emerged as the most preferred payment mode during the festive season, with transaction values climbing to ₹17.8 lakh crore, compared to ₹15.1 lakh crore a year earlier.

Also Read: UPI Transactions Hit Rs 94,000 Cr Daily, Eye Record Festive Month

Driven by festive cheer and GST cuts, the demand for quick credit rose sharply, with a 50% jump in products like Buy Now, Pay Later (BNPL) and checkout financing. Meanwhile, competition in the UPI ecosystem is intensifying, with smaller players such as Bhim, Navi, and Super.Money increasing their transaction volumes by 50–100% in the last six months, reflecting a maturing and diversified digital payments landscape in India.