New Delhi: UPI based digital transactions continue to grow. In the month of October, 16.58 billion transactions worth Rs 23.5 lakh crore were done in the country through UPI. This is the highest number in a month since the launch of UPI in April 2016.

According to data shared by the National Payments Corporation of India (NPCI) on Friday, October saw a 10 per cent growth in volume and 14 per cent in value compared to September. Daily UPI transactions crossed 53.5 crore by volume and Rs 75,801 crore by value in October, compared to Rs 50.1 crore and Rs 68,800 crore in September.

There were 46.7 crore Immediate Payment Service (IMPS) transactions in October, up 9 per cent from 43 crore in September. In terms of value, IMPS transactions grew 11 per cent to Rs 6.29 lakh crore from Rs 5.65 lakh crore in September.

The number of Fastag transactions increased by eight per cent to 34.5 crore in October compared to 31.8 crore in September. Transactions worth Rs 6,115 crore were done in October as against Rs 5,620 crore in September. There were 12.6 crore transactions on Aadhaar Enabled Payment System (AEPS) in October, which is 26 per cent more than 10 crore in September. The share of digital payments doubled from 14-19 per cent in March 2021 to 40-48 per cent in March 2024.

The role of UPI is important in this. The volume of UPI-based transactions grew by 52 percent to 78.97 billion in the first half of this year from 51.9 billion in the same period last year. Similarly, the value of transactions grew by 40 percent from Rs 83.16 lakh crore to Rs 116.63 lakh crore in the first six months of this year.