UPI Transactions Surge 13% in October Amid Festive Boom
India’s Unified Payments Interface (UPI) recorded a significant 13% jump in average daily transaction value during October, reaching ₹94,000 crore amid festive season spending. The platform is poised to achieve its highest-ever monthly performance with over a week remaining in the month.
Key Highlights
- Average daily transaction value surged to ₹94,000 crore in October
- Daily transaction volume reached 695 million, up 6% from September
- Record 740 million transactions processed on Diwali eve
- Monthly value expected to cross ₹28 lakh crore for the first time
Festive Season Driving Growth
According to data from the National Payments Corporation of India, Diwali celebrations on October 20 powered a major surge in digital payments. UPI crossed the ₹1 lakh crore mark in daily transaction value six times this month—double September’s frequency.
The festive season has consistently driven UPI growth, with this year’s Diwali falling in October creating particularly strong momentum. UPI currently powers nearly 85% of all digital payments in India.
Breaking Previous Records
October’s performance represents one of the strongest month-on-month growth trends for UPI in recent years. Experts predict the platform will surpass its current monthly record of ₹25 lakh crore, with projections exceeding ₹28 lakh crore for October.
This growth is particularly notable given typical payment patterns where transaction values often dip to around ₹60,000 crore daily by mid-month after initial salary and EMI-related peaks.
