UPI Transactions Hit 20.70 Billion in October with 25% YoY Growth
India’s Unified Payments Interface (UPI) recorded 20.70 billion transactions worth ₹27.28 lakh crore in October 2024, showing strong 25% year-on-year growth in volume and 16% increase in value, according to latest NPCI data released amid GST 2.0 reforms.
Key Takeaways
- UPI transaction count: 20.70 billion (25% YoY growth)
- Transaction value: ₹27.28 lakh crore (16% YoY growth)
- Average daily transactions: 668 million (₹87,993 crore daily)
- IMPS transactions: ₹6.42 lakh crore (2% YoY growth)
Monthly Performance Trends
October showed consistent growth from September figures, where UPI recorded ₹24.90 lakh crore in transaction value. The average daily transaction amount increased significantly from ₹82,991 crore in September to ₹87,993 crore in October.
Daily transaction counts also rose to 668 million from 654 million in the previous month. For context, September had registered 19.63 billion UPI transactions with 31% year-on-year growth.
IMPS and Broader Digital Payments Growth
Instant Money Transfer System (IMPS) transactions reached ₹6.42 lakh crore in October, marking 2% annual growth and 6% monthly increase from September’s ₹5.97 lakh crore. Daily IMPS transaction value stood at ₹20,709 crore, up from ₹19,895 crore in September.
Meanwhile, UPI continues to dominate India’s digital payments ecosystem. Worldline’s India Digital Payments Report for first half of 2025 reveals UPI transactions surged 35% year-on-year to 106.36 billion, with total value reaching ₹143.34 lakh crore.
Kirana Effect and QR Code Expansion
Person-to-merchant (P2M) transactions grew 37% to 67.01 billion, driven by the “Kirana Effect” where small and micro businesses have become the backbone of India’s digital economy.
India’s QR-based payment network more than doubled to 678 million by June 2025, representing a massive 111% increase from January 2024, highlighting the rapid adoption of digital payment infrastructure across the country.
