New Delhi, October 22 (IANS). Unified Payment Interface (UPI) transactions have seen a surge in the festive season and the average daily transaction value has increased by 13 percent to Rs 94,000 crore in October compared to September. This information was given by National Payments Corporation of India (NPCI).
The reason for increase in the use of UPI is the increased use of UPI for shopping during big festivals like Dussehra and Diwali. There is more than a week left in this month. In such a situation, it is believed that in October, the use of UPI in the country will reach its highest level till date.
UPI’s share in all types of digital payments in the country has reached 85 percent and the average number of transactions per day has also reached a record level.
On the eve of Diwali, there were 74 crore transactions in a single day through UPI, which is the highest ever transaction figure in a single day through UPI.
The average number of daily transactions so far this month has been 69.5 crore, which is 6 percent more than September’s record of 65.4 crore.
The festive season has always been a major driver of growth in UPI usage. Last year too, both Dussehra and Diwali boosted digital payment activity.
Till October 20 this year, the value of UPI transactions has crossed the Rs 1 lakh crore mark six days in a row, which is double that of September.
Typically, most payment platforms are most active at the beginning of the month due to salary and EMI payments, after which spending reduces.
UPI transactions often fall to a daily value of around Rs 60,000 crore by the middle of the month. However, momentum has been strong this month due to Diwali and experts believe that October could set an all-time record for UPI.
UPI monthly transaction value is expected to cross Rs 28 lakh crore for the first time in October, much higher than the current record of Rs 25 lakh crore.
–IANS
abs/