UPI transactions value surpasses record $100 billion in October

New Delhi: The Unified Payments Interface (UPI) of the National Payments Corporation of India (NPCI) reached another milestone in October, when the total value of transactions for the month surpassed $100 billion.

The value of transactions was Rs 7.71 lakh crore in rupees, and 421 crore transactions were completed in the month, both records.

The buying spree that marked the start of festival season, as well as e-commerce purchases, propelled the surge in October. People began going out for purchases more frequently in October, thanks to rising immunisation rates and further relaxing of standards.

The average monthly growth rate of UPI transactions was 5.8% from March to September 2021. In October, however, transaction values increased by nearly 18 percent month over month. UPI transaction values are on track to surpass $1 trillion in FY22, a significant milestone for the homegrown payments system.

Monthly transaction values have increased by over 79 percent since January 2021, when they were Rs 4.31 lakh crore. Volumes have increased by more than 83 percent since January's 230 crore.

While it took nearly four years since the inception of UPI in 2016, for monthly transaction values to reach Rs 3.86 lakh crore in October 2020, they nearly doubled this month to reach Rs 7 lakh crore.