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UPI transactions touch record high in October

Mumbai: Digital transaction is gaining rapid momentum in the country. According to data released by the National Payments Corporation of India (NPCI),  Unified Payments Interface (UPI) transactions touched a record high for the platform since its inception in October. The overall UPI transactions in October has crossed 7 billion.

As per the data, in  October, UPI processed 7.3 billion transactions, worth Rs 12.11 trillion. This is  a record high in terms of value of transactions. On a year-on-year basis, volume of transactions in October was up 73%, while the value of transactions was up 57%.

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UPI was launched in the country in 11 April 2016. UPI is  a fund transfer system that enables real-time movement of funds. It is both a funds transfer as well as a merchant payment system.

UPI crossed 1 billion transactions in October 2019. In October 2020, UPI processed more than 2 billion transactions. In the next ten months, UPI topped 3 billion transactions a month.

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