UPI Transactions Soar to Rs 94,000 Crore Daily in October, Eyeing Festive Record

New Delhi — India’s Unified Payments Interface (UPI) is witnessing a festive season surge, with average daily transaction value in October reaching Rs 94,000 crore, a 13 per cent rise over September, according to data from the National Payments Corporation of India (NPCI).

With over a week still remaining in the month, UPI is on track to achieve its highest-ever monthly performance, driven by Diwali spending and recent GST rate cuts.

UPI, which facilitates nearly 85 per cent of all digital payments in India, has also set new daily transaction volume records. On the eve of Diwali, the platform recorded 740 million transactions in a single day, while the average daily volume for October so far stands at 695 million, up more than 6 per cent from September’s record of 654 million.

Festive periods have historically boosted UPI activity. While Dussehra fell in September this year, Diwali on October 20 fueled a fresh surge. By October 20, UPI had crossed the Rs 1 lakh crore mark in daily transaction value six times—double the number of days compared to September.

Typically, digital payment volumes peak at the start of the month due to salaries and EMI payments and decline by mid-month, often dropping to around Rs 60,000 crore daily. However, strong festive momentum suggests October could set an all-time record for UPI.

Experts project the monthly transaction value to surpass Rs 28 lakh crore for the first time, overtaking the current record of Rs 25 lakh crore.

With inputs from IANS