The Unified Payments Interface (UPI) is experiencing a significant festive season surge, with the average daily transaction value in October rising 13% from September to reach ₹94,000 crore, according to National Payments Corporation of India (NPCI) data.

Key Highlights

• Daily value of Unified Payments Interface (UPI) in October surged to about ₹94,000 crore.
• UPI average daily transaction volume reached around 695 million in October, up from 654 million in September.

With over a week still remaining in the month, UPI is on track to achieve its highest-ever monthly performance, fueled by Diwali spending and recent GST rate cuts. This represents one of the strongest month-on-month growth trends for UPI in recent years.

UPI, which accounts for nearly 85% of all digital payments in India, has also seen record daily transaction volumes. On Diwali eve, it processed an all-time high of 740 million transactions in a single day, while the average daily volume for October so far stands at 695 million, a 6% increase over September’s record of 654 million.

Festive periods have consistently driven UPI growth. While Dusshera fell in September this year, Diwali on October 20 triggered a fresh surge. By this date, UPI crossed ₹1 lakh crore in daily transaction value six times, double the number of such days in September.

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Typically, digital payment activity peaks at month-start due to salaries and EMI payments, dropping mid-month to around ₹60,000 crore daily. Experts now predict October could set an all-time record, with the monthly transaction value expected to exceed ₹28 lakh crore, surpassing the previous record of ₹25 lakh crore.