UPI hits record 25.47 billion transactions in October; daily value tops Rs 1 lakh crore for first time
Festive spending pushed monthly UPI value past Rs 31 lakh crore, NPCI data show, as the rollout of merchant charges on select payments remains on hold until after Diwali.
The Unified Payments Interface processed a record 25.47 billion transactions worth Rs 31.53 lakh crore in October, according to data from the National Payments Corporation of India (NPCI), as festive shopping drove both everyday and larger payments.
Transaction volume rose 23% from a year earlier and about 5.8% from September's 24.07 billion. Value climbed 16% year-on-year and about 7.4% from Rs 29.37 lakh crore in September. Monthly value crossed Rs 30 lakh crore for the first time, beating the previous high of Rs 29.90 lakh crore set in May.
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Daily records
UPI averaged about 822 million transactions a day in October, up from 802 million in September. Average daily value rose to Rs 1,01,707 crore, the first time it has crossed Rs 1 lakh crore. The busiest single day was October 9, ahead of Navratri, with 873 million transactions.
The October surge follows a brief dip in September, when volume slipped about 1.8% from August's then-record 24.51 billion transactions. Part of October's month-on-month rise reflects its extra day, since September had 30 days. Even so, daily averages also rose, pointing to higher underlying use during the festive weeks.
Merchant charge still on hold
The record comes as NPCI's planned merchant discount rate (MDR) on select UPI payments remains deferred. The charge was due to start on October 15, but NPCI postponed it until after Diwali and said a revised date would be announced separately.
Under the proposed framework, person-to-person transfers and payments of Rs 2,000 or less stay free. A 0.4% charge, capped at Rs 300, would apply to specified merchant payments above Rs 2,000.
What it means for users
For most consumers, nothing changes for now: everyday UPI payments remain free. Small traders and payment apps will be watching for the new MDR date, which could affect how larger merchant payments are priced. The October numbers also show how central UPI has become to retail payments in India during peak shopping weeks, from small kirana purchases to larger festive buys.
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