UPI Record: The speed at which UPI is being used in India is becoming an example for the whole world. At present, using UPI in the country is one of the easiest payment systems. The use of UPI i.e. Unified Payment Interface (UPI) is witnessing a steady increase. In October, 16.58 billion transactions were done through UPI in the country. Its value was around Rs 23.5 lakh crore and NPCI gave this information on Friday. This is the biggest figure so far since the launch of UPI in April 2016. 

Daily UPI transactions stood at 535 million in October

According to the data released by National Payment Corporation of India (NPCI), there was a 10 percent increase in the number of transactions and 14 percent increase in value in October as compared to September. The number of daily UPI transactions was 535 million in October. During this period, the average transaction value was Rs 75,801 crore per day, whereas in September the average daily transaction number was 501 million and the value was Rs 68,800 crore. 

467 million transactions through IMPS 

In October, 467 million transactions were done through Immediate Payment Service (IMPS), which is 9 percent more than the figure of 430 million in September. Last month, the value of transactions through IMPS increased by 11 percent to Rs 6.29 lakh crore compared to the figure of Rs 5.65 lakh crore in September. The number of transactions through Fastag in October has increased by 8 percent to 345 million. This figure was 318 million in September. Last month, the value of Fastag transactions was Rs 6,115 crore, which was Rs 5,620 crore in September. 

126 million transactions on Aadhaar enabled payment system

According to NPCI data, there were 126 million transactions on Aadhaar Enabled Payment System (AEPS) in October, which is 26 percent more than 100 million in September. The trend of digital payments is growing rapidly in India. In March 2021, the share of digital transactions in consumer spending was 14 to 19 percent, which has now increased to 40 to 48 percent.

The number of UPI-based transactions grew 52% to 78.97 billion in the first half of this year (April-September) from 51.9 billion in the same period last year. At the same time, the value of UPI transactions has increased by 40% from Rs 83.16 lakh crore to Rs 116.63 lakh crore in the first six months of this year.