UPI rush: Record Rs 27.3L cr transferred digitally in Oct; 20.7bn transactions done

Riding connected the festive buying wave, Unified Payments Interface (UPI) transactions soared to an all-time precocious of Rs 27.28 lakh crore successful October, clocking 20.7 cardinal transactions, according to information from the National Payments Corporation of India (NPCI), reported PTI.This marks a 9.5% month-on-month emergence successful transaction worth from Rs 24.9 lakh crore successful September and a 16% leap year-on-year from Rs 23.49 lakh crore successful October 2023. The past grounds precocious was Rs 25.14 lakh crore successful May this year.The festival period besides saw an mean of 668 cardinal transactions per day, with an mean regular worth of Rs 87,993 crore, underscoring the deepening scope of integer payments crossed India.“The dependable emergence successful UPI volumes, peculiarly during high-traffic periods similar Diwali, demonstrates the spot of India’s integer infrastructure and its quality to grip massive, real-time transactions seamlessly,” said Dilip Modi, CEO of Spice Money.UPI present powers 85% of each integer transactions successful India and accounts for astir fractional of planetary real-time integer payments, reflecting India’s dominance successful the fintech space.Already unrecorded successful 7 countries—the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius—UPI’s enlargement into France marks its archetypal foray into Europe, allowing Indian travellers to wage seamlessly without overseas transaction hassles.

NPCI, an inaugural of the Reserve Bank of India (RBI) and the Indian Banks' Association, is an umbrella organisation for operating retail payments and colony systems successful India (IBA). It runs the Unified Payments Interface (UPI) utilized for real-time payments betwixt peers oregon astatine merchants' extremity portion making purchases.