New Delhi: The Unified Payments Interface (UPI) is riding a festive season boom, with average daily transaction values in October reaching Rs 94,000 crore, up 13% from September, according to National Payments Corporation of India (NPCI) data.
With more than a week left in the month, UPI is on track to post its highest-ever monthly performance, fueled by Diwali spending and recent GST rate cuts. Analysts say this marks one of the strongest month-on-month growth trends for UPI in recent years.
UPI powers nearly 85% of all digital payments in India and has also set new records in daily transaction volumes. On the eve of Diwali, the platform recorded an all-time high of 740 million transactions in a single day. So far, the average daily volume for October stands at 695 million, up more than 6% from September’s record of 654 million.
The festive season has consistently boosted UPI growth. While Dusshera fell in September this year, Diwali celebrations on October 20 triggered another surge. By that date, UPI crossed the Rs 1 lakh crore mark in daily transaction value six times this month, double the number of days compared to September.
Typically, payment activity peaks at the start of the month due to salaries and EMI payments, dipping around mid-month to roughly Rs 60,000 crore. However, strong festive momentum suggests October could set an all-time record. Experts anticipate the monthly transaction value may cross Rs 28 lakh crore, surpassing the current record of Rs 25 lakh crore.
UPI’s robust performance demonstrates the growing dominance of digital payments in India, driven by festive spending, convenience, and wider adoption across sectors.
–IANS
