Unified Payment Interface Transactions Reach Record High in October 2023

Unified Payment Interface (UPI) transactions achieved a record high in October 2023, reaching an unprecedented value of INR 17.16 lakh crore. This represents a 9% increase compared to September’s value of INR 15.8 lakh crore, as reported by the National Payments Corporation of India (NPCI). The platform also saw an 8% rise in transaction volume, totaling 11.41 billion in October, up from 10.56 billion in September.

The milestone of surpassing 10 billion transactions was first realized in August. Year-on-year, UPI has experienced impressive growth, with a 55% increase in transaction volume and a 42% rise in transaction value. The Ministry of Electronics and IT celebrated this achievement with a social media announcement highlighting "Over 11 Billion UPI transactions."

In contrast, the Aadhaar-enabled Payment System (AePS) reported a 15% decline in transaction volumes year-on-year for October.

Dilip Asbe, CEO of NPCI, has set a bold goal for UPI to reach 200 crore daily transactions by 2030. This anticipated expansion is expected to be driven by a credit increase on the platform and active engagement from fintech companies.

In October alone, UPI recorded over 1,140 crore transactions, amounting to more than INR 17.6 lakh crore, showcasing significant growth rates of 55% year-on-year in volume and 42% in value. This information was also confirmed by the Ministry of Electronics and IT, which noted that UPI had crossed the 1,000 crore transaction milestone in August and recorded 1,056 billion transactions in September.

This article was generated with the support of AI and reviewed by an editor.