In October 2024, India’s Unified Payments Interface (UPI) reached a record high with 16.58 billion transactions worth approximately US$ 279.4 billion (Rs. 23.5 trillion), marking the highest monthly figures since its launch in 2016. This growth, driven by increased person-to-merchant transactions during the festival season, represents a 10% rise in volume and 14% in value compared to September, which saw 15.04 billion transactions worth around US$ 245.4 billion (Rs. 20.64 trillion). Daily transactions in October exceeded 535 million in volume and about US$ 9.0 billion (Rs. 75,801 crore) in value, showing a YoY growth of 45% in volume and 37% in value, according to the National Payments Corporation of India (NPCI).
Other digital payment systems also saw increases: Immediate Payment Service (IMPS) transactions rose by 9% to 467 million, with a value increase of 11% to approximately US$ 74.7 billion (Rs. 6.29 trillion), and FASTag transactions grew by 8% in both volume (345 million) and value, reaching around US$ 733 million (Rs. 6,115 crore). The Aadhaar Enabled Payment System (AePS) recorded 126 million transactions, up 26% in volume and 35% in value, totalling approximately US$ 3.88 billion (Rs. 32,493 crore), reflecting strong growth across various digital payment methods during the festive period.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
